Relevant Life Policy What’s your business worth without you?

Why a Relevant Life Policy?

If you have your own business or are a contractor then quite often you are the business and without you it will cease to function and there won’t be any profits coming in. That’s where a relevant life policy could be relevant to you.

So if you were to die what would the business be worth?
Would anyone want to buy your business?
In a lot of cases it the answer could be very little or nothing.
If your family are relying on that profit from your business what would happen to them?

What can we do about this?

The answer is a Relevant Life Policy. A policy your company can take out on you as the employee that would pay out a lump sum to your family should the worst happen. That way if you are your business and the business dies with you, you can make sure your family don’t suffer financially.

The other benefits of a Relevant Life policy are:

  • Your company pays for it.
  • It’s not a P11D Benefit in Kind
  • The proceed are outside of your estate so shouldn’t be liable for taxes
  • For anyone whose has used their pension lifetime allowance they will not add to it.
  • Some policies even come with other benefits like counselling services or discounts and cashback.

While some also contains restrictions if you need to change the policy.

So it pays to talk to an expert to see which is most suitable for you.

And of course the magic question –

How much?

As an example a 40 year old non smoker in good health could get a £250,000 policy for around

£25 a month.

So how much are you worth to your business?

If you want to know more email gareth@businessprotect.biz or visit us at  the Business Protect website

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