Relevant Life is a stand-alone single life insurance policy that enables employers to provide a death-in-service benefit to an employee. With such a great employee benefit, it can help your businesses attract and retain high calibre staff – the lifeblood of every business. You’ll benefit from the specific tax relief associated with this policy, and it can also be a tax-efficient way for company owners to take out life insurance.

At Odyssey Wealth Management we work with company directors from all sizes of businesses based all across the UK. We help them put the best possible solution in place using the appropriate trust arrangements.

What are the benefits of a Relevant Life Policy?

Not classed as a benefit in kind or P11D benefit – Although the company pays the premiums, they are not classed as a benefit in kind. This means they are not included in any of your income tax assessments.

Premiums are treated as an allowable business expense and attract corporation tax relief – We often tend to find existing key person insurance and shareholder protection incorrectly written and in breach of tax rules, we can help make sure the policy is set up correctly.

The full amount of any benefit passes to your chosen beneficiaries without any tax charge – There is no tax liability for your employees to worry about.

Your business could benefit from a relevant life policy
If you’re unfamiliar with the advantages of a relevant life policy contact us today and we’ll explain the benefits to you and your business as well as answer your questions.

* Life Assurance plans typically have no cash in value at any time and cover will cease at the end of term. If premiums stop, then cover will lapse. The present tax free treatment of the policy benefits may change. Levels and bases of tax relief are subject to change.