Insurance protection for your income, your family and your business .
What Is Protection?
Everybody’s needs are different and will change throughout their life, therefore its essential that protection is reviewed on a regular basis to take into account any changes in your employment/financial situation or your family situation. The ideal time to do this is at the same time as reviewing your mortgage needs.
INCOME PROTECTION AND FINANCIAL SECURITY FOR YOUR FAMILY
Family Income Benefit
The benefit is also a tax-free benefit and generally designed to pay a monthly benefit to you or your family, however there are also options to take this as a lump sum.
TRUSTED AND RELIABLE INSURANCE SERVICES FOR YOUR BUSINESS.
Key Person Cover
What Is It?
The relevant life policy needs to be placed into trust which it is why it can be tax efficient for the employee and the employer. Quite a few providers these days offer a signature free trust, which speeds the process up. Call us now 0333 210 0082 for more information about trusts and when it is relevant to set one up
What Is It Going To Do?
You could potentially save nearly 50% in tax compared to a run of the mill life policy. Based on current tax laws Sept 2019.
Why Would I Need It?
- A relevant life policy would provide company directors beneficial tax incentives, because primarily the premiums are paid for by the company, not the individual.
- A relevant life policy would be especially useful for an individual classed as a high earner, because the benefits of the relevant life policy wouldn’t count towards the current lifetime allowance of £1.25 million, if this was not the case the current taxable charge could be up to 55% upon death.
- Relevant life policies are very useful for key employees of your business. They are able to provide levels of cover on an individual basis. So ideal if you only want to provide or reward a certain number of your employees, or in fact give variations of cover.
- Businesses with too few employees to take on a death in service plan would find a relevant life policy useful, as they are able to set this up on as little as 1 employee.
- Having a relevant life policy may also be useful for an employee who has hit their maximum pension lifetime allowance.
Where can I buy this?
There are lots of providers out there offering this type of insurance, choosing the right one could be a potential mid field. Why not let us at Independent Mortgages Brokers help and guide you through the buying process, our team of advisers have access to all the main providers offering you the relevant life product. Let us tailor a solution to fit your needs and circumstance. Make the right choices give us a call today to discuss your requirements.
Having shareholder protection in place would pay out a lump sum to the company to help take back control of your company, it will enable you to have the funds to be able to purchase the deceased shares.