Compare Tax Efficient Life Insurance

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Tax Efficient Life Insurance

As a company owner you can lower your tax bills simply by writing your life insurance through your business. Huge companies provide their employees with a death in service benefit, this allows them not only to provide their employees with a benefits package, but it also allows them to lower their tax bills. You could be doing this very same thing – but instead of protecting employees you would be protecting yourself and your family.

How You Save

Instead of paying life insurance costs from your own personal account, you will pay it through the business. This means that you won’t be paying the premium with money from your personal taxable income. The amount of the premium will also be deducted from the businesses profits so will avoid tax.

Benefit To Your Family

As a business owner you have a lot of responsibility resting on you, this also includes the welfare and financial security of your family. A relevant life policy will protect your family when they are at their most vulnerable. A relevant life policy although paid for by the business does not go to the business, the policy is written into trust and will go to the chosen next of kin directly. This can be a loved one, partner or a child. It’s the easiest way for a business owner or a director to protect their family and save money on tax.

A Company Director? – Why You Need A Relevant Life Policy

Relevant Life Plans offer a range of benefits to company directors. They allow you to save money, pay less tax, avoid inheritance tax and they also have no effect on your pension allowance. These are all in addition to the fact that a relevant life policy will provide your loved ones, partner or children with the financial protection they will need should something happen to you.

Relevant Life For Key Employee’s

Providing a relevant life insurance policy for key employees is a great way for your business to improve staff retention and moral. Staff will feel they’re appreciated, as you will be providing a level of care. This can be a great benefit to your business as the key employees will be less likely to leave the business, staff turnover will decrease and the key staff member will work harder and feel valued. Providing benefits for key staff members is also a good way for small businesses to appear financially secure when recruiting, and can give the business an edge over competitors who are not offering exclusive job perks.

Who Is A Key Staff Member?

A key staff member is an employee who providers the business with irreplaceable knowledge or who generates a substantial profit for the company. This is likely to be a company director or a manager who has an integral role within the business. It could even be a key employee with a valuable skill set. It is a staff member who is indispensable to the business.


As relevant life policies are so tax efficient strict criteria needs to be met in order to qualify for a policy. The business must be registered as a limited liability and must not be larger than five employees. The policy will also only pay out if the insured party dies before the age of seventy-five. Critical illness cannot be added on to the policy and the policy must be written into trust.

Written In Trust

Writing a policy into trust ensures that the sum assured won’t go to the business. The insured person must specify beneficiaries to receive the insurance pay out, the beneficiaries can be loved ones, friends or even a charity of choice. By specifying beneficiaries the policy is able to avoid paying inheritance tax, the payment never becomes part of the insured’s finances instead it gets paid directly to the beneficiary.

Where To Buy It

At we have specialised business protection advisers there to find you the best deal for your business. They can make sure you are eligible for relevant life and if not will find the right product for you. They will compare top UK brands to find you the lowest price saving you both time and money. Fill in our short online form to get great quotes today completely free and with no obligation.

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