An alternative to traditional death in service
If you’re a company director and you have life insurance in place to protect your family, you could be paying more tax than you need to.
Relevant Life Policies are a way of providing death in service benefits on an individual basis, no matter how small your business is. They are not classed as a ‘benefit in kind’ so no tax is payable on the premiums, unlike personal policies that are paid for by your business.
In most cases, the benefits are paid free of inheritance tax – provided the benefits are payable through a discretionary trust.
What are the benefits?
In a very competitive market place, our aim is to offer an exciting and innovative benefits package to help attract and retain the best employees. The introduction of the Ernest Grant online benefits platform has been a huge success for us in many ways. The benefits platform has had a large and positive impact on employee engagement with an overall increase in membership of our schemes. The ongoing management of the platform and employee support continues with same high standards and enthusiasm we have come to expect from our account manager and the team.
Losing a major shareholder or partner can cause serious problems, not only within the business.
Your staff makes your business work and if they are key to the success of your business then they are a valuable asset. One question, what would it cost your business if they were to suddenly die?