Personal life cover offers an important financial safety net for your family in the event of your death; however, your policy can also be taken out tax-efficiently through your company.
This approach to life cover is a valuable option for business owners, as it enables some useful tax benefits and deductions, subject to specific regulations.
With a relevant life policy, the business pays the life cover premiums, not the person being covered. This means that you won’t pay any national insurance contributions or income tax on the premiums, but the business still gets the benefits of corporation tax relief; that all adds up to significant tax savings compared to taking out the same cover personally.
This approach to life cover may not be suitable for every individual, and we strongly recommend consulting with one of our advisers to ensure your arrangement is tailored to your needs, fully compliant with regulations and maximises any tax advantages available to you.
Simon Hollin
Robert Sully
Ryan Qualters
Joseph Tighe
Area of Interest ▾Pension and Retirement PlanningInvestment and Wealth ManagementTax and Estate PlanningProtectionOther
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