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Product overview
A good employee benefits package can demonstrate to staff that their employer is concerned about each individual's financial security. This in turn may encourage staff loyalty and retention and could also appeal to job seekers looking to join your business.
A Relevant Life Insurance policy allows your business to provide death in-service benefits for employees, which are tax-efficient for the employee, their beneficiaries and your business.
Who needs it?
- Businesses that do not provide a group life insurance scheme.
- Businesses that would like to provide additional life insurance to supplement the benefits provided by an existing group scheme.
You have the option to enhance the benefits available to your employees by offering life insurance protection to pay out a lump sum either to the employee if they become terminally ill* or to their beneficiaries if they die.
*Terminal Illness means a diagnosed life expectancy of less than 12 months.
Benefits of Relevant Life Insurance:
- HMRC usually views the premiums as an allowable business expense for the employer and not a benefit-in-kind for the employee.
- Death benefit will normally be free of Inheritance Tax because the policy is written in trust.
- The employer can claim tax relief on the premiums as long as the local inspector of taxes is happy that the premiums are ‘wholly and exclusively for the purpose of trade’ as part of the employees remuneration.
When you contact us we'll explain the advice services we offer and our charges. NFU Mutual Financial Advisers advise on NFU Mutual products and selected products from specialist providers.
Tax treatment depends on individual circumstances and may change in the future.
Financial advice is provided by NFU Mutual Select Investments Ltd.
Tax treatment depends on individual circumstances and may change in the future.
Financial advice is provided by NFU Mutual Select Investments Ltd.
