Relevant Life Cover
Queens Park Bridge, Chester
A valuable, tax-efficient benefit for higher-tier employees, directors or executives
With attracting – and then keeping – the highest calibre of talent vital in an increasingly competitive employment market, and with nearly 60 percent of employees citing anxiety about their family’s financial future should they die in service, providing life assurance to the right people can be a highly attractive benefit.
Relevant life cover is a tax-efficient way to provide life insurance coverage to valuable individual employees or executives within your organisation. It can function alongside group cover or may be appropriate on its own, perhaps when the company is too small to qualify for group life assurance (for instance it has fewer than the minimum number of employees) or where you want to offer life cover as part of an executive or director benefits package, without insuring all employees.
"It’s also a tax-efficient investment, since the cost of insuring the individual is usually deductible against corporation tax."
It’s also a tax-efficient investment, since the cost of insuring the individual is usually deductible against corporation tax. (However it is important to remember that relevant life cover is not an alternative to keyman insurance. Relevant life cover is operated via a trust with the insured person’s family, or a charity, as the nominated beneficiary and cannot pay out to the insuring company.)
But it’s important to get the right coverage, for the right people and at the right price. And for that you need expert advice. At Graham Carter & Co. we’ve 50 years’ experience working with businesses of all kinds, helping them navigate the often confusing insurance landscape. And as a wholly independent chartered financial advisors we have access to the whole market, and to the solution that will be best for you, your business and your employees.