While Directors and employees within large companies can take advantage of group life schemes and death in service, individuals like Contractors will most likely be paying for personal life insurance out of taxed income.

This no longer needs to be the case!

By switching to a Relevant Life Cover policy, Contractors could save over 50% on their personal life cover. How? Well, put simply, a Relevant Life Cover policy is an effective way of getting personal cover paid by a company, as a business expense, rather than through taxed income via a more traditional policy.

This tax-efficient method retains the same level of cover but can save the likes of Contractors a considerable amount through savings in National Insurance, Income and Corporation Tax.

To see how, take a look at our example below which highlights how John, a UK-based Contractor, saved 57.82% on his monthly premium costs:

Monthly Premium: £60
Income Tax Rate: 40%
Length of policy: 25 yrs


The total monthly cost to John and his company: £113.80

(Includes: Premium cost, employee NI contribution, income tax, employers NI contribution and Corporation Tax Rebate)


Relevant Life Insurance Plan:
The total monthly cost to John and his company: £48.

(Includes: Premium cost and Corporation Tax Rebate)


Total monthly saving to John and his company = £65.80

Total lifetime saving of Relevant Life Plan = £19,740


John could also extend the policy to other staff, for example, a spouse if they currently receive a salary from the company.

To find out more about Relevant Life Insurance and how it can help you save £1,000s, contact the Relevant Life Expert team.