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?
We awarded Ernest Grant the contract as we believe they have a passion and an in-depth knowledge of all aspects of employee benefits, new and old, coupled with a drive to deliver a first class service and exceptional user experience. Another key factor in our decision was that within the Ernest Grant Group of companies we know there are experienced financial advisors with a wealth of knowledge regarding the NHS pension schemes which is invaluable when looking at salary sacrifice schemes. Our experience of working with Ernest Grant in development of our benefits platform has been entirely positive.
South Warwickshire NHS Foundation Trust
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?