Relevant Life Insurance
Providing tax-efficient life insurance coverage for business owners and their employees
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Protection for small business owners & directors of limited companies
Relevant life insurance is specifically designed for small business owners and directors of limited companies. This life insurance product offers a tax-efficient way for business owners to provide life insurance coverage for themselves and their employees.
what are the benefits of relevant life insurance?
Tax Efficiency
Premiums paid by the employer are typically considered a business expense and are tax-deductible. This can result in potential savings for the business in terms of reducing its corporation tax liability.
Individual Coverage
Each relevant life insurance policy provides life insurance coverage for a specific employee or director. This means that multiple policies can be set up to cover different individuals within the company.
Death Benefit
In the event of the insured individual’s death, the policy pays out a tax-free lump sum to the individual’s beneficiaries.
No Benefit in Kind (BIK) Tax
The premiums paid by the employer do not count as a benefit in kind for the insured individual, so they do not incur income tax on the value of the insurance. This makes it an attractive option for businesses to provide an additional employee benefit.
Speak To an Expert
Contact us for a fee-free initial consultation, our team of mortgage and financial experts is here to help. There may be a fee for arranging a buy-to-let mortgage, and the exact amount will depend on your specific circumstances. Typically, we do not charge a fee for residential mortgage advice.
Who needs relevant life insurance?
Relevant life insurance is advised for the following individuals:
Small Business Owners
This type of life insurance allows small business owners to secure life insurance coverage for themselves while enjoying tax advantages, such as corporation tax relief on premiums.
Company Directors
Directors of limited companies can use relevant life insurance to provide life insurance benefits for themselves and their families. The policy can be tax-efficient because premiums are typically considered a business expense.
Homeowners with Mortgages
If you have a mortgage on your home, life insurance can help ensure that your family can continue to make mortgage payments and keep the family home in case of your passing.
Commercial Property Owners
If you own commercial properties such as office buildings, retail spaces, or industrial properties and lease them to businesses, you may need commercial landlord insurance to protect your interests.
Key Employees
Employers may use relevant life insurance as an employment benefit to attract and retain key staff members.
Shareholders
Shareholders in limited companies may choose relevant life insurance to protect their families and beneficiaries while minimising tax liabilities.
Business Partnerships
In the case of partnerships or joint ventures, the partners may choose relevant life insurance to protect their business interests and provide financial security to their beneficiaries.
Speak to our trusted insurance advisors
Windsor Hill works closely with individuals to advise on all relevant life insurance options to help you make informed decisions based on individual needs and circumstances.
Speak to one of our expert team members today to help you with your relevant life insurance requirements at 01225 962 456 or email info@windsorhillmortgages.co.uk
With Windsor Hill Mortgages, the path to relevant life insurance is clear and straightforward, transforming what could be overwhelming into a smooth, informed process.
As with all insurance policies, conditions and exclusions will apply
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