Company Director Life Insurance
An elevated alternative to life insurance for company directors
Turn your monthly life insurance premiums into tax-efficient business expenses.
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See how Company Director Life Insurance can help you save money, provide for your family and benefit your business
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Why choose Company Director Life Insurance?
Company Director Life Insurance is the smart choice for directors and their employees. By providing a death-in-service benefit for your employees, it ensures they feel valued and engaged while offering peace of mind that their loved ones are protected financially. It also enables you to reduce your outgoings by converting your costly monthly premiums into legitimate business expenses that aren’t subject to National Insurance payments or considered a benefit-in-kind. You can also claim Corporation Tax Relief on the premiums, saving you even more. And let’s not forget about the flexibility of the payout—it’s tax-free and can be used for any purpose, giving peace of mind that the benefits will truly meet your needs and those of your employees when it matters most.
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We’ll get to know you and your business and run through your options so you can select the best and most cost-effective insurance solution for your needs.
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Get your guide to Company Director Life Insurance
Learn how much you could save and the many other benefits this tax-efficient alternative to life insurance offers you and your business.
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FAQs
Am I eligible to take out a Relevant Life Insurance policy?
You must have a limited company to benefit from the tax savings that a relevant life insurance policy offers. If you do not have a limited company then standard Life Insurance will offer you the protection you need.
Do I get any money back if I don't die before the Relevant Life Insurance policy term ends?
No. There’s no cash value at any time. Just like standard Life Insurance at the end of your Relevant Life Insurance policy term you stop making payments and your cover ends.
Can my mortgage be covered with Relevant Life Insurance?
If you have an interest-only mortgage, your outstanding mortgage loan stays the same until you repay it at the end of the mortgage term. Level Relevant Life Insurance could cover this type of mortgage.
How does Relevant Life Insurance work? What do I need to know?
Like standard Life Insurance, it provides your loved ones with a large tax-free, one-off payment, or monthly payments if you pass away. It can be used to pay the mortgage off or help your family with living expenses. You are covered only for the duration (term) of the policy and cover only lasts while you keep up monthly premiums. Monthly payments can be reduced by combining this with a Critical Illness policy.
The key difference between Life Insurance and Relevant Life Insurance is that with Relevant Life Insurance the cost of the premiums is moved from your own pocket to your company expenses. This saves you tax and reduces the cost of your monthly premiums.
Additionally, this is not treated as a benefit-in-kind; the premium is not included as a P11D benefit, nor are premiums subject to National Insurance payments for the employer or employee.
There is significant tax relief with a Relevant Life plan and your business can claim Corporation Tax Relief on the premiums. Plus, the payout itself is tax-free.
Can I cancel my Relevant Life Insurance policy at any time?
Yes. You have a 14-day cooling-off period from your policy start date, or from when you get your policy documents (whichever is later), to change your mind. If you want to cancel within this time, we’ll refund any premiums you’ve paid. Remember, there’s no cash value and, if you cancel your policy, you won’t be able to make a claim.
What's the difference between Relevant Life Insurance and Over 50s protection?
The main difference is that Relevant Life Insurance is a tax-efficient term policy, so it covers you for a specific amount of time, while over-50 life insurance is a whole of life policy, so it covers you for the rest of your life.
Typically to take out a Relevant Life Insurance policy you need to be aged between 18 and 77 to apply, and your coverage stops at the end of the policy term. You choose a cover amount, and if you want your cover to remain the same, be protected from the effects of inflation, or decrease over time broadly in line with a repayment mortgage or loan. You can take out a single or joint life insurance policy.
If you’re not sure which one might be right for you, speak to a Broadbench financial adviser.