Why running your Life Insurance through your business could save you thousands
Effectively a one man death in service scheme, a Relevant Life Insurance Plan can offer you the same benefits that you already have, but at a fraction of the net cost.
These plans are perfect for business owners and the self employed because they are;
- Owned by the company, but payable to your chosen beneficiary
- Corporation Tax deductible
- Not counted as a P11D Benefit
A quick look at the figures shows that you have to earn £1,851.85 to pay a £1,000 annual premium via a Personal Policy, however via a Relevant Life Policy the same £1,000 premium will cost you just £800. This is a saving of 57%, or £1,051.85 per annum. Over a 20 year term this a saving of over £21,000!
So whether you have insurance on your mortgage, or life cover for your family, now is a great time to make sure those plans are cost appropriate and cost effective.
For more information and for a free consultation, please get in touch on 0790 701 530, or firstname.lastname@example.org
White Rose Financial Planning