Relevant Life Insurance – Tax Relief For Your Business

Relevant Life Insurance is the equivalent of Group Life Insurance but for smaller companies, typically covering single directors, where the company pays the premiums but the benefit is paid to the employee’s estate. Premiums are usually tax deductible making Relevant Life Insurance highly tax efficient whilst the premiums are not considered a ‘benefit in kind’ for the employees by HMRC.

Relevant Life Insurance Illustration - Two Business Partners on Shield

What Are The Benefits Of Relevant Life?

  • Relevant Life Insurance premiums are usually eligible for corporation tax relief.
  • Your employees will receive high-quality life insurance, even if they are smokers or have previous health problems.
  • Should the worst happen, your employee’s family will receive a cash lump sum, which is usually tax-free including inheritance tax (paid by a relevant life trust).
  • There is no tax to pay on the premiums – it is not classed as a ‘benefit in kind’ by HMRC.
  • As a benefit, your business will be highly attractive to new talent, and you are more likely to retain existing talent within your company.
  • As a business, this will help to build trust and loyalty, showing a ‘duty of care’ to your employees by valuing their welfare.

Choosing The Right Policy

At Halo Consulting, we will look at the following factors:

  • The number of employees you have
  • The type of industry you work in
  • And the level of benefit required

For more information and specific questions please see our Relevant Life FAQ page.

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