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Relevant Life Cover is a potentially tax-efficient solution for a small company or for a Director wishing to top up life cover.
Relevant Life Cover is a potentially tax-efficient solution for a small company or for a Director wishing to top up life cover.
If you run a small company or you are a Director looking to top up your life cover, Relevant Life Cover may be the appropriate option.
This is a life assurance plan, available to employers, providing an individual ‘death in service’ benefit for an employee. If an employee dies while in service, it pays a lump sum during the term of the policy, and will also pay out if the employee is diagnosed with a terminal illness.
It is an appropriate scheme for a company with too few employees to set up a group scheme, or for a director looking to arrange their own ‘death in service’ benefits without taking out a scheme for all employees.
As this is paid by the company and offset as a business expense, it is not treated as a benefit in kind, and can provide an extremely tax efficient solution.
In assessing your life cover needs, it is important that we review your existing cover, particularly in the case of company directors and people who have Limited companies or LLP’s. The scheme is not available where there is no employer/employee relationship, such as sole traders, equity partners of a partnership or equity members of an LLP.
Risk Warnings:
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