Let the tax man pay for your life cover
If you own your own limited company, you can get the tax man to help pay for your life cover. This is a great plan for companies with not enough people to warrant a group life insurance plan scheme.
Other key advantages are:
- The benefits won't form part of the employee's lifetime pension allowance.
- The payments made won’t form part of the employee's annual allowance.
- The payments employers make aren't subject to income tax
- These payments can be treated as an allowable expense
- In most cases the benefits are paid free of inheritance tax
Information regarding taxation levels and basis of reliefs are dependent on current legislation. Individual circumstances are not guaranteed and may be subject to change.