Here is a brief overview of how a Relevant Life plan works. For no-obligation advice on getting the right cover for you circumstances, get a free consultation with Martin, who will listen to you and get you sorted.
A Relevant Life Plan is a term assurance plan available to employers to provide an individual death in service benefit for an employee. It’s designed to pay a lump sum if the person covered dies or is diagnosed with a terminal illness whilst employed during the term. A Relevant Life Plan is paid for by the employer. If you are the only person in your Ltd company you can take out a Relevant Life Plan for yourself and claim corporation tax relief on the premiums.
Comparing the cost of a life policy to a Relevant Life Plan.
*An employer who wishes to treat Relevant Life Plan premiums as an allowable business expense should speak to their accountant, who may wish to liaise with the employer’s local inspector of taxes.
This example is fictitious and provided for illustration purposes.
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