Huge Savings for Business life Insurance

So, what is it?

Simply put, a relevant life plan is a single life assurance policy which provides death in service benefits for an individual up until a maximum age of 75. This is designed to provide a lump sum benefit on death during employment.

What is the magic?

It is a death in service benefit paid by the employer with no tax consequences for the individual employee. There would be no tax and national insurance for the employee to pay and it is not classed as a benefit in kind which could also be subject to tax.

Before…

A lot of people are aware of the importance of life assurance and set up a policy to pay out a lump sum to their family in the event of their death. The monthly premium is paid out of personal wealth or salary that has been already been subjected to income tax and national insurance (NI), both on the employer and employee.

Let me show you.

Imagine the annual premium was £1,000 and you are a 40% tax-payer. To pay the premium you would need a gro