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Relevant Life Cover
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Relevant Life Cover – What You Need to Know
Relevant Life Cover is a tax-efficient way for an employer to provide their employee(s) with life cover benefits. The policy is set up by the employer and pays out a tax-free lump sum on the death or the diagnosis of a terminal illness for an employee. Relevant life cover may be suitable for:
- Employers who do not have enough employees to qualify for a group scheme but still want to provide their employees with protection of this type.
- Both directors and employees can have Relevant Life Cover. But whilst both are eligible a business could choose to offer this only to the directors.
- High earning employees with substantial funds may not wish their death in service benefits to form part of their lifetime allowance, which will not happen with a relevant life plan under current legislation.
Get in touch with one of our protection specialists in the contact form or alternately call us on 0800 211 8700.
This information is a summary only. You will receive a full policy document upon application. This policy will set out the terms, conditions and limitations of cover provided under the plan. Please note that Super Contractors does not offer advice on taxation matters. You should contact your accountant or other suitably qualified person to confirm whether this product is appropriate for your circumstances
Why choose Relevant Life Cover?
1. Relevant Life Cover is a death-in-service benefit payable to a contractor’s beneficiaries
Relevant Life Cover is effectively the same as the death-in-service benefit that you would have received when you were employed.
The policy will pay out a cash lump sum to the contractor’s beneficiaries in the event of death for as long as the premiums are paid and the policy is in force.
2. Relevant Life Cover is taken out by the contractor’s company, not the contractor
Unlike personal life insurance, a Relevant Life Policy is taken out by the contractor’s limited company and not the contractor personally. The premiums are paid by the company and the cash lump sum benefit is paid to the contractor’s family.
Relevant Life Cover is designed for companies to provide a benefit to their employees’ families. Contractors are employees of their own limited company, so the principle is the same.
3. Premiums are corporation tax deductible
Unlike personal life insurance policies, the premiums for Relevant Life Cover are paid for by the contractor’s limited company out of gross fee income.
As a legitimate business expense, the premiums are also tax deductible against corporation tax. So, a contractor benefits from diverting the costs to their business and the resulting tax efficiency.
Many reasons to join us.
Speed.
Super-fast responsive service, we’ll call you back at time convenient for you.
Choice.
Access a comprehensive panel that includes policies not available direct from lenders on the high street.
Expertise.
We’ll talk through your personal circumstances to make certain the protection is right for you and your family.
