LB Financial

Tel: 01245 806 312

Relevant Life Assurance

A Relevant Life Policy is a single life plan, taken out on the life of an employee by an employer to provide death in service benefits. They are designed for individual members who may require life cover over and above that of the main company scheme already available to them or, where the number of employees is too low for a company group scheme.

Why take out a Relevant Life Policy?

The company can make the payments, usually as an allowable deduction without them being treated as a benefit in kind, which means:

  • the policy premiums are treated as a business expense and are likely to be an allowable deduction against Corporation Tax for the employer
  • these policy premiums don't form part of an individual's annual allowance for pension contributions
  • the life cover benefits do not form part of an individual's lifetime allowance for pension savings
  • there is no liability for the employer or employee to National Insurance on the policy premiums
  • there is no liability for the employee to Income Tax on the policy premiums
  • life cover benefits are paid tax free to the nominated beneficiaries.

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