When it comes to insuring our cars or homes, we all look for the best cover at the best price. So why is it that we don’t think twice when it comes to our Life insurance policy. If you’re a director or an owner of a limited company, you’re in luck as you can still receive the same level of cover but save money on the premiums.
If you don’t already have Life Insurance in place – Life Insurance is a policy that will provide your loved ones with a large, one-off and tax-free payment (or monthly payments) should you pass away. This will ensure your family have sufficient funds to help them get back on their feet after a difficult time. The payout can go toward covering the mortgage, household bills and day to day living.
The monthly cost of a Life Insurance premium depends on a number of factors; from the amount of cover you want to take out (the payout amount you want your family to receive), your age, health and your lifestyle.
As a limited company director, you can pay for your life insurance policy through your company as a business expense. This is known as Relevant Life Insurance. You will still receive the same level of cover but will be saving money as it won’t be coming out of your taxed income (so you don’t have to pay income tax and national insurance on the premium). Other ways that Relevant life insurance saves you money:
If you think you’re paying too much for your Life Insurance policy or are considering taking a policy out, our partners at Broadbench, the contractor protection specialists, can help you find the best cover at the right price for you. Get in touch.