Personal Cover vs. Contractor Relevant Life & Critical Illness Cover

Contractors who operate through a Limited Company can save up to 49% simply by putting the premiums for their Life & Critical Illness cover through their Limited Company.

In essence, there is no difference between the two types of policies, they both pay out on death or earlier diagnosis of certain critical illness. The main distinction being the considerable savings that can be made by paying for the premiums through a Limited Company and not personally via taxed income.

Simply put, the business pays the premiums for personal life & critical illness insurance, claims corporation tax relief on the premiums, with the lump sum going to the selected beneficiaries (family/loved ones). Furthermore, this will not count towards the individual’s lifetime pension allowance and will not be classed as a benefit-in-kind for the employee.

To find out more about this tax efficient life & critical insurance, contact us at C&D Business Protection Specialists on 0330 043 4321 or visit our website www.businessinsuranceltd.co.uk

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