If you’re a Director, you may already have Life Insurance to look after your loved ones after you’re gone. In return for paying a monthly premium, it pays out a lump sum to help look after them. But many contractors are switching to a product called Relevant Life cover, because it is much more cost-effective. Here’s why.
- It’s classed as a business expense.
Unlike traditional Life Insurance, which you pay out of your own pocket, Relevant Life cover can be classed as a business expense. That means the monthly costs can be put through your books, making it eligible for tax savings.
- You can save up to 100% of the cost personally.
No matter what your tax bracket is, you could save 100% on the cost of your life cover by placing the plan on company expenses. Taken over 25 years this adds up to a considerable amount. For instance…
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