Tax Efficient Life Insurance Guides
No one likes thinking about life insurance. Even worse, having to pay for it, especially as the cover policies available to date haven’t been expressly relevant to small businesses.
The tide has changed, though. Relevant Life has developed a product specifically for limited company contractors and small business owners. The difference? They’ve made life cover affordable, tax-efficient and appropriate!
Like Group Life Cover, but for small business owners
If you’ve ever worked at a large corporation, you’ll have no doubt been informed of your participation in their group life cover policy. Very often, you’ve not had to think about it other than to validate the beneficiary every three years or so.
The problem for freelancers is that group life is neither available nor affordable. For the providers of such cover, one man bands aren’t worth their time, either.
So in effect, contractors to date have been both paying tax on their income and also having to pay for personal life insurance after the tax man had taken his cut on top. That’s (thankfully) changed.
A Relevant Life cover policy allows limited company contractors to pay premiums through the company before tax. As it’s possible to claim as a business expense, it also means the cover is in no way designated a benefit-in-kind.
To find out more about how you can make your life insurance a tool to enhance tax efficiency and protect your nearest and dearest, please feel free to read/download our guides.
Why contractors save tax with life insurance
Death-in-service cover has long been missing from the contracting sector. With detailed explanations of both who and how much you can cover, our guide offers peace of mind should the worse come to pass.
Relevant Life Policy for Company Directors and Contractors
Relevant Life Cover provides a service that contractors and small business owners have lived without cover for far too long: the equivalent to Group Life Cover.
It doesn’t affect high earners who are conscious of their lifetime allowance being impacted. In addition, it provides appropriate cover for company directors who can now cover themselves and their employees as well as large corporations can.
Author: John Yerou
John Yerou is the owner and founder of Freelancer Financials; a trading style & trade mark of the award winning Mortgage Quest Ltd. One of the most recognised names in providing mortgages for contractors and freelancers across the UK.
In 2004 John began his career in Financial Services as an independent mortgage adviser and broker. John has been instrumental in negotiating bespoke underwriting for contractors with high street lenders.
His presence in the industry as a go-to expert is growing by the day and he is regularly cited and writes in publications both locally and nationally.
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Finding a Financial Advisor who’s professional and knowledgeable is a bonus but one that you trust and feel comfortable with immediately is rarer still. I have recommended John to virtually all the other IT Contractors that I work with and will continue to use their services in the future.
John Yerou and his team provided the brokerage service for my last 3 mortgages and I cannot rate them highly enough. No matter how large or small the request they always provide a speedy and professional response. I would never consider using another advisor/broker.
We have been introducing Contractors and Freelancers to Freelancer Financials for several years now. They have established themselves as the preferred choice of financial advisors to all our IT contractors and Freelancers.
Andrew Saunders and Leanie Freed have provided an impressive service - one month from initial enquiry to completion of house purchase, with a mortgage from an established high street lender on a good interest rate. The service was clear, responsive and professionally managed throughout. Most importantly, Andrew understands the business context for contractors and this directly informs their approach to lenders
