Relevant Life Plan
A cost and tax efficient way of offering life cover to you, your employees, for the benefit of your families.
Finding ways to protect your family in the event of your death is an important thing to consider, as you’ll be able to provide for them even in the worst-case scenario.
When looking into insurance policies, a good option to think about is a relevant life plan. This is a relatively new and tax-efficient term life assurance for directors and employees, providing death in service benefit.
At Protectus Healthcare, we can help you find a relevant life plan that fits your needs.
A Relevant Life policy is a relatively new and tax-efficient term life assurance for directors and employees which provides a death in service benefit.
The life assured will have the premiums paid for by the business, not with your personal taxed income, with the beneficiary being named as a family member, usually the spouse or partner.
Taking out cover through a Relevant Life Plan can save a higher rate taxpayer around 48% and for a basic taxpayer, the saving is approximately 30% against a personal life assurance plan, as of 22/12/2023.
This type of policy is tax-efficient and can be treated as an allowable expense by HMRC. Relief against Corporation Tax is available and with no additional income tax or National Contributions to make, it’s an excellent business for you, the business and your employees.
What is a relevant life plan?
Also known as a relevant life policy, this insurance cover is a tax-efficient alternative to a death in service benefit that can be given to key workers in a business. In the event of a death, the worker’s family receives a cash sum from the business.
Taking out cover through a relevant life plan can save a higher rate taxpayer 49% against a personal life assurance plan. For a basic taxpayer, the saving is 36%.
Another advantage is that the policy can be treated as an allowable expense by HMRC. Relief against corporation tax is available and with no additional income tax or national contributions to make, it’s an excellent policy for you, the business and your employees.
Taxation planning is not regulated by the Financial Conduct Authority.
Information is based upon our current understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from taxation, are subject to change.
Why choose us for your relevant life plan?
Specialists in the field: As an independent healthcare insurance broker with years of experience, we’re well-positioned to offer advice on different types of relevant life insurance.
Tailored customer service: If you have specific requirements that need to be met, we’ll work with you to ensure that you have a personalised insurance policy.
Working with industry leaders: As partners to some of the world’s leading insurers, we can find you the most cost-effective relevant life plan and give you peace of mind in knowing your family are protected.