Top 2 certainties in life

Relevant Life Insurance
As an Relevant Life Insurance specialist I take it as a very serious duty to keep tabs on the current mortality rate, just so I can keep my clients and prospects up to date. I checked yesterday and it’s still running at 100% So the number one certainty in life is, you guessed it…..death.
Any takers on what’s number two?…right…taxes. The only reason it sits at number two and not one is some people can get away with number two to a certain extent but no-one gets away with number one. Given that the running thread in my blogs is insurance and rock and roll, there are also some certainties about being in a rock and roll band you can count on so I’m going to list them as well:

A&R man

1. At some point your drummer will explode 2. The Rolling Stones will still be touring in 50 years time (alive or dead) 3. Whilst fans gravitate towards guitarists & singers, a bass player is a better long term bet. 4. At some point you will be eaten by one of these…

So What?

So, we can’t stop death and we can avoid (not evade) some taxes. If you have a limited company or are an employee of any legal trading status (partnership, LLP, sole trader etc) you can mitigate the top two to a certain extent by way of Relevant Life Insurance. It doesn’t stop the worst happening, but it does mean you can put yourself in a position whereby you know your loved ones will never have to worry financially again. As long as in their grief they don’t they hook up with previously mentioned guitarist and blow the lot on a world tour!

The great things about relevant life insurance are:

1.Your company pays for it 2. It’s not a P11D benefit in kind 3. The proceeds pay out tax free outside of you estate 4. For those of you maxed out on your pension pots it doesn’t count towards your lifetime allowance 5. You get full corporation tax relief on the premiums

But how does Relevant Life Insurance do that Martin? I’m a drum tech and I need to know all the details!

I could go on about “Relevant Life” clauses in pension legislation, or the Anderson Rules about wholly and exclusively for the purposes of trade, or flexible business trusts but I won’t. It will bore you. Trust me, I’ve set up your drum kit, tested it, sound checked it, banged on one single drum for so long that the kids who thought they were unbelievably privileged to get in to sound check now no why they’re not. You just need to get on it and play!

If you want to know more about how Relevant Life Insurance works, or how much it costs just get in touch through the contact form on my main page.

Keep rocking!

Martin Byrne

Head Honcho at Business Protect

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