Why Most Company Directors Love Relevant Life Policy For Their Employees?
If you run your own business and have applied for the personal life insurance in order to secure your family financially, did you know that you can really make a substantial saving on your premiums by availing the benefits from Company Director Life Insurance by taking out the relevant life policy?
You can save up to 52%
Being the company director you pay around 40% of personal income tax, but you can also save up to 52% on the life insurance premiums when compared to having the personal life police.
What is a Relevant Life Policy?
A relevant life policy is just like the other person or Company Director Life Insurance policies in the UK- the level term along with the decreasing term life cover. Here, you have to pay out a lump sum benefit is an individual is covered and dies within the set time period. However, the difference between the relevant life policy and others is that it is paid on your behalf by your business owner; this means that they are eligible for saving the taxes. Also, this scheme is tax deductible when we talk about the trading expense and they are treated as a P11D benefit.
The benefit is also said to be tax-free completely
One of the most important parts if taking out any form of life cover that is written under a suitable trust, which has some added advantages when certain claims are made. Also, when setting up a relevant life policy, the plan must be written by a specialist whom an advisor must dine completely in charge.
The trust, however, behaves the same way as the optional trust for the personal life policy. It also ensures that any claims are paid to the listed beneficiaries without waiting for probate, and also if that policy benefits the other parts of your estate and therefore it is not eligible for inheritance taxes.
How can you take this cover?
Well, just like other protections the insurers in the UK sell the relevant life policy. However, the premium, as well as the cover you offer, can vary on huge basis between the providers. Such factors as occupation, general health along with lifestyle can lead you to have a significant impact on the insurer that will be charged along with the terms if the policy. Always, consider seeking a specialist advice when buying a relevant life policy plan.