Life insurance may not be the most exciting topic, but what if we told you there was a way to make it more cost-effective? Enter the Relevant Life Plan – a tax-efficient and affordable alternative to traditional life insurance that can benefit both your employees and your business.
Benefits of a Relevant Life Plan:
- Affordable cover: Some providers offer up to 25% lower premiums than standard rates, depending on the individual’s age and the length of the term.
- Tax efficient: Taking out a Relevant Life Plan for an employee within your business can result in tax savings of nearly 50%. It’s considered a tax-deductible business expense, and there are no National Insurance contributions. Additionally, the cash lump sum payout is not subject to Income or Inheritance Tax.
- Attract and retain talent: Relevant Life Plans are an excellent employee benefit for small businesses. They provide great life cover and access to a range of health and reward partners, helping your business attract and retain talent.
- Protect your family: If anything happens to you, your family is financially protected with a cash lump sum payment that pays on terminal illness as well as death.
Relevant Life Plans are perfect for company directors and key employees, but they’re also an ideal option if you only want to reward a few employees or provide variable cover. Plus, they’re a great way to make your employees feel valued, which can lead to better engagement, less sick leave, and higher productivity.
In conclusion, don’t let life insurance be a tedious topic. With a Relevant Life Plan, you can save money while providing valuable cover to your employees. So, let the tax man pay for your life cover, and enjoy the peace of mind that comes with knowing you’re covered in case anything happens.