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Company Director Policies...

Relevant Life Insurance for Directors

This type of policy can provide a complete tax-free solution to life insurance for company directors where both the premiums and the lump-sum payment in the event of a claim are tax-free. The premiums are not classed as a benefit-in-kind and, if the policy is written into a discretionary trust, then any payout is not subject to inheritance tax. Read more

A Relevant Life Insurance Policy for Company Directors is 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. In most cases the benefits can be paid free of inheritance tax provided the benefits are payable through a discretionary trust.

If you’re a company director and you already have life insurance in place to protect your family, you could be paying more tax than you need to.

What are the benefits?

  • Although the company pays the premiums, they are not normally assessable to income tax on the employee as a benefit-in-kind. This can be a significant saving, particularly for a higher-rate taxpayer
  • Unlike a registered group scheme, the benefit will not form part of the employee’s annual or lifetime pension allowance

What are the advantages of using a discretionary trust?

  • There are restrictions as to whom the benefits of a Relevant Life Policy can be paid, but the use of the trust is the most practical way of ensuring these restrictions are met. The beneficiaries who could be included are usually family members and dependents
  • Having benefits paid through a trust ensures they cannot be taxed as part of the company’s trading income, nor do they form part of the company’s assets
  • The trust is discretionary, allowing trustees to be flexible as to whom they pay benefits. However the employee can advise the trustees of his or her intentions by completing a nomination form. Although this is not legally binding on the trustees, it helps to guide them. The trustees will normally be the directors of the company
  • Using a trust also ensures that in most circumstances benefits are paid free of both income tax and inheritance tax
  • The maximum cover differs across insurers: for example, Bright Grey offer a figure up to 15 times the employee / director’s remuneration. This can include salary, regular dividends paid in lieu of salary and any benefits in kind

Are there any limits to the cover I have?

  • The legislation does have some limits to qualify for the tax concessions, and to ensure these are met, it requires that:
  • The cover must be paid in a single lump sum before the age of 75
  • Only Death & Terminal Illness benefits can be provided
  • Benefits must be paid through a discretionary trust
  • Beneficiaries are normally restricted to family members and dependents
  • The maximum amount of cover allowable can depend on your remuneration and age

Who are relevant life policies suitable for?

  • Company Directors that would like their company to pay for their life cover and offset the premiums against corporation tax
  • Small businesses that do not have enough eligible employees to warrant a group life scheme
  • Directors of small limited companies that may be thinking of putting Key Person cover in place so that their company can pay the premiums on their cover
  • High-earning employees or directors who have substantial pension funds and do not want their benefits to form part of their lifetime allowance
  • They are not suitable for the self-employed or equity partners, although their employed staff could be covered

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Executive Income Protection

This type of policy pays out a regular monthly benefit should a company director become too ill or injured to work. It is popular with contractors and directors working in their own limited company and covers up to 80% of their income (wages or dividends) in a tax-efficient way. Read more

Executive Income Protection operates in a very similar way to Personal Income Protection, providing a regular income if the person insured is unable to work due to illness or injury.

The main difference between the two types of policy is that Executive Income Protection can cover up to 80% of the individual’s income, whether from wages or dividends or both, whereas most standard policies typically only cover up to 60%.

As such, it is an attractive benefit for high-earning small business owners and contractors.

The cost of the premiums is determined by how much cover is required, the age of the individual to be covered, any existing or past health conditions, what their current role entails, how long the cover is to last, and how long they are prepared to defer the first payment.

The premiums are paid by the company and are tax-deductible, which is an additional saving compared to personal policies.

Along with other benefits available, Executive Income Protection can be a valuable component of an overall financial plan, especially those with high incomes and significant financial responsibilities.

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Key Person Insurance

This type of policy protects businesses financially if a key individual within the business (typically a company director) dies or can no longer act in any capacity with immediate effect in the event of serious illness. It is often required by lenders to cover the full repayment of a loan. It is an important consideration for many small and medium-sized businesses.
Read more

Key Man Insurance or Key Person Insurance is essentially a form of life insurance for businesses. It is generally taken out by a business to compensate for financial losses that would arise from the death or extended incapacity of the key individual(s) of the business specified in the policy, and in turn ensure the continuity of the business.

There are generally three categories of loss for which Key Man Insurance can provide compensation:

  • Protect losses related to the extended period when a key person is unable to work by providing temporary personnel and, if necessary, financing the recruitment and training of a replacement.
  • Protect profits such as offsetting lost income from lost sales or contracts; or losses resulting from the delay or cancellation of any business project that the key person was involved in; or loss of opportunity to expand, loss of specialised skills or knowledge.
  • Protect business & director loans, overdrafts or investments. The value of insurance arranged can be used cover their repayment in full, or to assist in generating continued profit (as above) to help make any monthly payments.

As a result, a Key Man or Key Person can be anyone directly associated with the business whose loss can cause financial strain to the business. For instance, they could be a Director of a company, a Partner, key sales people, key project managers and people with specific skills or knowledge which is especially valuable to the company.

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Shareholder Protection Insurance

This type of policy helps businesses continue effectively on the death of a shareholder (or a Partner in a Partnership) by releasing a lump-sum that allows other shareholders to buy the shares and provide fair-value funds to the surviving spouse.
Read more

In the interests of financial security, business stability and continuity, it is essential for private limited companies to provide a safety net following the death of a shareholder.

Shareholder Protection is usually put in place to ensure that, on the death of a shareholder, their shares are available for the other directors to buy and there is sufficient cash available to buy the shares.

This is normally done by:

  • Taking out a life insurance policy for each director to the value of their shares
  • Placing these life insurance policies in trust so that any payout is available to the remaining shareholders without any tax implication
  • Setting-up a Cross Option Agreement between the shareholders so that if the options are exercised, the holder of the shares must sell them and the other directors must buy them

The risk of not setting up some Shareholder Protection are as follows:

  • Shares may go to the deceased’s family, which has no interest in the business and may prefer a cash lump sum
  • The company or other shareholders may not have the resources to retain control by buying the deceased’s shares
  • The shares may be taken over by someone who does not share the company’s objectives, and they may even be a competitor

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Group Policies...

Business Health Insurance

This type of policy is designed to ensure directors and employees can seek expert medical attention promptly, namely faster than the NHS, so that they can return to work as soon as reasonably possible. Most policies include 24 Hour GP Access as standard. It acts as attractive benefit for potential new employees and a retention device for existing employees.
Read more

Private health insurance for UK businesses offers several features and benefits that can be advantageous for both employers and employees. Here are some key features and benefits of private health insurance for UK businesses:

  • Prompt Access to Healthcare: One of the primary advantages of private health insurance is the ability to access medical services promptly. Private health insurance typically provides faster access to consultations, diagnostic tests, treatments, and surgeries, helping employees receive medical attention quickly and reducing waiting times compared to the NHS.
  • Choice of Specialists and Hospitals: Private health insurance allows employees to choose from a wide network of specialists, consultants, and hospitals. This gives individuals more control over their healthcare decisions and the freedom to select healthcare providers based on personal preferences, reputation, and expertise.
  • Comprehensive Coverage: Private health insurance plans in the UK often offer extensive coverage, including consultations, diagnostic tests, hospital stays, surgeries, cancer treatments, mental health services, physiotherapy, and alternative therapies. Some plans may also cover dental and optical treatments as optional extras.
  • Employee Well-being and Morale: Offering private health insurance as an employee benefit demonstrates a commitment to the well-being and health of employees. It can boost morale, job satisfaction, and overall employee retention rates. Access to private healthcare services can also reduce absenteeism and help employees get back to work more quickly after illness or injury.
  • Reduced Waiting Times: In the UK's National Health Service (NHS), waiting times for certain procedures can be long. Private health insurance enables employees to bypass these waiting lists and receive treatment promptly, which can be especially valuable for non-urgent but necessary procedures that may cause discomfort or affect an individual's quality of life.
  • Access to Experimental Treatments: Private health insurance can sometimes provide access to new or experimental treatments and medications that may not be available through the NHS. This can be particularly important for individuals with complex or rare medical conditions who may benefit from innovative therapies.
  • Additional Services and Support: Many private health insurance providers offer additional services such as 24/7 helplines, nurse advice lines, mental health support, and health and wellness programs. These services can help employees manage their health proactively and provide guidance and support when needed.
  • Flexibility and Customization: Private health insurance plans can be tailored to meet the specific needs of a business and its employees. Employers can choose different levels of coverage, add optional extras, and often adjust the policy to suit their budget and requirements.

It's important for businesses to carefully consider the features, costs, coverage limits, exclusions, and network providers when selecting a private health insurance plan to ensure it aligns with their needs and the needs of their employees.

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Group Life Insurance

This type of policy (also known as Death-in-Service benefit) provides cover for employees across a business in the event of the death of one or more employees, whether working in the business or at any other time. It is particularly advantageous to employees who might struggle to gain life insurance on a personal basis as the underwriting is based on the number and age profile of the employees, not their lifestyle or medical history.
Read more

Features:

  • Coverage for Employees: Group life insurance provides a lump sum payment to the designated beneficiaries of an employee in the event of their death during the coverage period. The coverage amount is typically based on a multiple of the employee's salary or a fixed amount chosen by the employer.
  • Group Coverage: Group life insurance covers a group of employees under a single policy, making it a cost-effective option for businesses. It simplifies the administration process as employees are enrolled automatically without the need for individual underwriting.
  • Flexible Coverage Options: Employers can choose different coverage levels based on their budget and the needs of their workforce. They can select a flat benefit amount or a multiple of the employee's salary.
  • Optional Add-ons: Some group life insurance policies offer additional options, such as spouse or partner coverage, which provides a benefit to the employee's significant other in the event of their death.

Benefits:

  • Financial Protection for Employees' Families: Group life insurance ensures that employees' families receive a financial safety net in the event of the employee's death. The lump sum payment can help cover funeral expenses, mortgage or rent payments, outstanding debts, and ongoing living expenses.
  • Employee Retention and Recruitment: Offering group life insurance as an employee benefit can enhance the overall benefits package, making the company more attractive to current and potential employees. It demonstrates the employer's commitment to the well-being of their workforce.
  • Peace of Mind: Group life insurance provides peace of mind to employees, knowing that their loved ones will be financially protected if they pass away. This can contribute to a positive work environment and employee satisfaction.
  • Tax Efficiency: In the UK, group life insurance policies are usually tax-efficient. The premiums paid by the employer are generally tax-deductible as a business expense, and the benefits received by employees' beneficiaries are usually tax-free, subject to certain conditions.
  • Supportive Bereavement Services: Some group life insurance policies provide additional support services for employees and their families, such as bereavement counseling or access to helplines for emotional support during difficult times.

It's important for businesses to carefully consider their specific needs, consult with insurance providers, and review policy terms and conditions to select the most suitable group life insurance coverage for their employees.

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Group Income Protection

This type of policy provides financial protection in the form of income replacement for employees who are unable to work due to injury, short or long-term sickness or disability up to the age of retirement. As such it can represent a significant employee benefit to help recruit and retain employees.
Read more

Features:

  • Income Replacement: GIP insurance provides a percentage of an employee's salary as a replacement income if they are unable to work due to a long-term illness or disability. This benefit is typically paid after a pre-defined waiting period, known as the deferred period.
  • Long-Term Coverage: GIP insurance typically covers an employee until retirement age or until they are fit to return to work, depending on the terms of the policy.
  • Rehabilitation Support: Many GIP policies include rehabilitation services to help employees recover and return to work as soon as it is medically possible. This can include access to medical professionals, vocational training, and other support services.
  • Flexible Benefit Options: Employers can often customize GIP insurance to suit their specific needs. They can choose the level of coverage, the waiting period before benefits are paid, and the length of time benefits will be provided.
  • Employee Assistance Programs: Some GIP policies include Employee Assistance Programs (EAPs), which provide confidential counseling and support services to employees and their families for various personal and work-related issues.

Benefits:

  • Financial Security: GIP insurance provides employees with a reliable source of income when they are unable to work due to illness or disability. This helps them maintain their financial stability and meet their financial obligations.
  • Attract and Retain Talent: Offering GIP insurance as part of the employee benefits package can make a business more attractive to potential employees. It demonstrates a commitment to employee well-being and provides a valuable safety net.
  • Reduce Absenteeism: GIP insurance can help reduce long-term absenteeism by providing employees with the support they need to recover and return to work. The rehabilitation services and support offered by GIP policies can facilitate a quicker return to work.
  • Employer Reputation: Providing GIP insurance shows that a business cares about its employees' welfare, which can enhance the company's reputation as an employer of choice.
  • Tax Benefits: In the UK, premiums paid for GIP insurance are generally tax-deductible for businesses, which can provide financial advantages.

It's important to note that the specific features and benefits of GIP insurance can vary depending on the insurance provider and policy terms. Businesses should carefully review policy details, coverage limits, exclusions, and waiting periods before selecting a GIP insurance plan. Consulting with an insurance professional or broker can help businesses find the most suitable coverage for their employees' needs.

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Death in Service Insurance

This type of policy (also known as Group Life Insurance) provides cover for employees across a business in the event of the death of one or more employees, whether working in the business or at any other time. It is particularly advantageous to employees who might struggle to gain life insurance on a personal basis as the underwriting is based on the number and age profile of the employees, not their lifestyle or medical history.
Read more

Features:

  • Coverage for Employees: Group life insurance provides a lump sum payment to the designated beneficiaries of an employee in the event of their death during the coverage period. The coverage amount is typically based on a multiple of the employee's salary or a fixed amount chosen by the employer.
  • Group Coverage: Group life insurance covers a group of employees under a single policy, making it a cost-effective option for businesses. It simplifies the administration process as employees are enrolled automatically without the need for individual underwriting.
  • Flexible Coverage Options: Employers can choose different coverage levels based on their budget and the needs of their workforce. They can select a flat benefit amount or a multiple of the employee's salary.
  • Optional Add-ons: Some group life insurance policies offer additional options, such as spouse or partner coverage, which provides a benefit to the employee's significant other in the event of their death.

Benefits:

  • Financial Protection for Employees' Families: Group life insurance ensures that employees' families receive a financial safety net in the event of the employee's death. The lump sum payment can help cover funeral expenses, mortgage or rent payments, outstanding debts, and ongoing living expenses.
  • Employee Retention and Recruitment: Offering group life insurance as an employee benefit can enhance the overall benefits package, making the company more attractive to current and potential employees. It demonstrates the employer's commitment to the well-being of their workforce.
  • Peace of Mind: Group life insurance provides peace of mind to employees, knowing that their loved ones will be financially protected if they pass away. This can contribute to a positive work environment and employee satisfaction.
  • Tax Efficiency: In the UK, group life insurance policies are usually tax-efficient. The premiums paid by the employer are generally tax-deductible as a business expense, and the benefits received by employees' beneficiaries are usually tax-free, subject to certain conditions.
  • Supportive Bereavement Services: Some group life insurance policies provide additional support services for employees and their families, such as bereavement counseling or access to helplines for emotional support during difficult times.

It's important for businesses to carefully consider their specific needs, consult with insurance providers, and review policy terms and conditions to select the most suitable group life insurance coverage for their employees.

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Personal Protection Policies...

Life Insurance

This provides a one-off tax-free lump-sum payment in the event of your death during the fixed term of the policy. Read more

Life Insurance protects families from financial hardship by paying out a one-off tax-free lump-sum if the policyholder dies during the term of the policy. The money can be used to pay off mortgages and other outstanding debts as well as providing a source of income for everyday living.

Premiums are paid monthly and the cover is set for a fixed period of time, often for the length of a mortgage or up to the age of retirement. The amount of life insurance cover varies according to how much you can afford and how much cover you think you need to pay off debts and provide day to day income.

The cost of the insurance is affected by various factors including the sum to be insured, existing health conditions, lifestyle issues like smoking and high BMI, age, occupation and any regular dangerous pursuits.

Insurers historically pay 99% of all life insurance claims - when they don’t pay out, it is usually because the policyholder was not truthful on their initial application about an existing health condition or a regular dangerous pursuit which led to their death.

Select Calculate your cover

Critical Illness Cover

This provides a one-off tax-free lump-sum payment in the event of a serious illness like cancer or permanent disability caused by injury during the fixed term of the policy. Read more

Critical Illness Cover protects families from financial hardship by paying out a one-off lump-sum if the policyholder suffers a serious illness like cancer or a stroke, or a permanent disability caused by injury during the term of the policy. The money can be used to pay for medical treatment or rehabilitation or pay off mortgages and other outstanding debts as well as providing a source of income for everyday living.

Premiums are paid monthly and the cover is set for a fixed period of time, often for the length of a mortgage or up to the age of retirement. The amount of Critical Illness Cover varies according to how much you can afford and how much cover you think you need to pay off debts and provide day to day income.

The cost of the insurance is affected by various factors including the sum to be insured, existing health conditions, lifestyle issues like smoking and high BMI, age, occupation and any regular dangerous pursuits.

UK Insurers offer an increasing list of specific illnesses which they will cover beyond the most common like cancer, heart disease and strokes, but each insurer has their own list, and therefore if there is a history of a certain illness in the family, some insurers may provide better cover than others.

Select Calculate your cover

Income Protection Insurance

This provides monthly tax-free payments in the event that you cannot work due to injury, short or long-term sickness or disability. For most policies, these payments can last to retirement age if necessary, and multiple claims can be made provided premiums continue to be paid. Read more

Income Protection Insurance pays out a sum of money every month in the event that you are unable to work due to sickness or injury. The money can be used to cover your regular expenditure like mortgage payments, household bills and other living expenses.

Premiums are paid monthly and the cover is set to pay-out for a period of time, either short term (1-5 years) or up to the age of retirement. The amount that the income protection policy will pay out every month is typically limited to 65% of your monthly salary or income.

The Premiums are affected by various factors including the monthly sum insured, salary, existing health conditions, lifestyle issues like smoking and high BMI, age, occupation and any regular dangerous pursuits.

A good way to reduce the cost of the premiums is to defer when the policy pays out after a claim is registered. It is worth considering whether your employer offers any sickness benefits or whether you have any savings to extend the deferment period.

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Private Medical Insurance

This type of policy can cover the cost of planned consultations (including same-day access to GPs), scans, treatments and operations through the private healthcare sector. It doesn’t provide financial protection like critical illness cover or income protection, but it will get you faster access to healthcare when you need it. Existing health conditions are typically not covered. Read more

Private medical or health insurance is a form of insurance coverage that individuals can purchase to access private healthcare services. Unlike the National Health Service (NHS), which provides free healthcare services to residents, private health insurance allows individuals to receive medical treatment from private hospitals, clinics, and specialists.

Key features of private health insurance in the UK include:

  • Choice of healthcare providers: With private health insurance, policyholders can choose from a network of private hospitals, consultants, and specialists. This can lead to quicker access to treatments and appointments compared to the NHS
  • Shorter waiting times: One of the main advantages of private health insurance is the potential for shorter waiting times for consultations, diagnostic tests, and surgeries. This can be particularly appealing for individuals who want prompt medical attention
  • Greater comfort and amenities: Private healthcare facilities often offer more comfortable and luxurious amenities compared to NHS hospitals. This may include private rooms, better food options, and a more personalized experience
  • Access to experimental treatments: Some private health insurance policies may cover experimental or newer treatments that may not be readily available on the NHS
  • Specialized treatments and services: Private health insurance can provide coverage for a wide range of treatments, including elective surgeries, alternative therapies, and other specialized medical services that may not be covered by the NHS

It’s important to note that private health insurance does not replace the NHS; individuals can still access NHS services even if they have private insurance. Additionally, not all medical conditions may be covered by private health insurance, and policies vary in terms of coverage, exclusions, and costs. Before purchasing private health insurance, individuals should carefully review policy details and consider their specific healthcare needs.

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Now’s the time to protect your loved ones...

A British Life Company

Get Insured within 20 Minutes

It is possible to be protected with a life insurance or critical illness policy within 20 minutes provided the insurer does not require a GP report or medical.

A GP report or medical is normally required for large amounts of cover (over £400,000), or if your BMI is over 30, or you have any significant ongoing or past medical issues, or if you are involved in dangerous job or high risk hobby.

Calculate Your Cover

Find out how much cover you might need by using our simple online calculator. It will take into account your outstanding mortgage, any loans or credit cards, your monthly income and how many children you have.

Ultimately the right amount of cover is often a balance between what might be an ideal figure and what you can sensibly afford.

Calculate your cover here

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Instead of pushy sales people, our advisers offer a more personalised service to guide you through the process and ensure you enjoy lasting peace of mind by making an informed choice.

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