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There are many different types of life protection. Relevant life insurance is a great, tax efficient way to pay for life cover through your business, no matter what your position or salary level may be.
Even if your company is too small for a ‘group scheme’ life insurance policy, relevant life insurance provides an alternative tax efficient way for businesses to invest in life cover. Until recently, smaller companies couldn’t offer a death-in-service benefit unless they had a certain number of employees, but legislation has been uncovered to allow for this benefit via relevant life insurance.
The premiums for relevant life policies are an allowable business expense, and in the event of an insured employee’s death, or in some cases the diagnosis of a terminal illness, a tax-free lump sum will be paid to the employee’s family via a trust. Relevant life insurance schemes are available to any employee of a business, including a business owner. If you have any questions about this type of cover, one of our expert advisors would be happy to hear from you.
About Us
We collectively have over 100 years of experience in arranging mortgage policies and products, so why not find out a little more about us and how we could help you protect your home and family.
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Protection Guide
Relevant life insurance is only one way to protect your home and family. Our Protection Guide can provide more information on how to make sure you’re suitably protected.
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Contact Us
If you’d like to invest in relevant life cover, find out more information, or if you’re just considering your options for the future, please get in touch today. Our services are always free.
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What Our
Customers Say
Across the UK, far too many people have insufficient life cover without realising. Many believe that they are too young to invest in life insurance, or that it is too expensive, but relevant life cover can be a tax efficient alternative to protecting you and your family should the worst happen when you least expect it. For a relevant life insurance policy, the company will pay the policy premiums, meaning that your post-tax earnings remain untouched and, as a result, this can potentially save on tax.
If a claim on a relevant life policy is made, the business itself won’t receive any of the money from the lump-sum payment. The policy will be written into a discretionary trust, from which the lump-sum will be passed to the employee’s financial dependents. Whether this money is used to pay off a mortgage, replace a lost income, or be used in another manner suitable to the employee’s family, is at their discretion. Relevant life cover is simply intended to ensure that your family or your employee’s family can ease any financial burdens at a very difficult time.
Relevant Life Insurance Help!
Do you have questions about relevant life insurance? You might find the answer here or in our Protection Guide. If you have further queries, however, please call us for free.
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1.
If I have a mortgage, should I have relevant life insurance?
Relevant life insurance isn’t compulsory for a mortgage, but you need to consider just how your family will be able to make mortgage payments should you suffer from a serious illness.
If your family can’t make the mortgage repayments, your mortgage lender may repossess your home. At an already emotional and difficult time, this could be devastating for your loved ones.
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2.
Can I get relevant life insurance if I don’t have a mortgage?
Yes! Your mortgage is just one of many things in your life that needs protecting. In the event of your death, the sum paid out by a relevant life policy can allow all aspects of your family’s lifestyle to continue, even though you and your income have been lost.
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3.
Do I need other insurance?
You will always require buildings insurance as a condition of your mortgage lender, but the amount of contents or additional life cover you choose to invest in is completely your decision.
The amount of protection you invest in should depend on your budget and circumstances. For example, if you are a single person who rents a property, your insurance needs will differ greatly to a family with a mortgage. If you are unsure of the level of protection you need, or want to learn more about different types of protection, feel free to call us for free, or take a look at our Protection Guide.
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4.
I’ve had medical problems in the past – will that mean I can’t get relevant life cover?
Previous medical problems can impact the types of cover you can get and at what cost, but it might still be possible for you to get cover, depending on your circumstances. If you are unsure whether you will be able to get relevant life cover or any other life protection, please contact one of our expert advisors – they will be able to help assess your situation and let you know what’s available.
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5.
When should my cover start?
It’s never a good idea to delay any form of protection. It’s always best to get your cover in place as quickly as possible as you never know what might happen in the future.
Some forms of life insurance and income protection might also take a little more time to put in place than insurance for your home or contents, so it’s best to prepare sooner rather than later.
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6.
How do I apply for relevant life insurance?
It’s never a good idea to delay any form of protection. It’s always best to get your cover in place as quickly as possible as you never know what might happen in the future.
Some forms of life insurance and income protection might also take a little more time to put in place than insurance for your home or contents, so it’s best to prepare sooner rather than later.
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7.
What information do I need to apply for relevant life insurance?
When applying for any level of protection insurance you will need certain documents and details available, including your medical history and existing policy information. For a list of required information, take a look at our Protection Guide. If you have any questions, please don’t hesitate to get in touch with one of our advisors for free.