Life insurance
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Thread: Life insurance

  1. #11

    Contractor Among Contractors


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    Quote Originally Posted by VillageContractor View Post
    Considering the state of the market right now I'm not sure what my plans are, hence why I did it personally. I got a little worried about transferring the policy if/when I closed the company down
    Some RLPs are explicitly transferrable to personal if/when no longer with the company. FWIW.
    Quote Originally Posted by kaiser78 View Post
    I am not sure you can put CI through the company, only life cover, unless this has recently changed.
    Aviva and someone else who I forget are offering RLP CI. It's controversial, others are saying that it isn't allowable.

    I wasn't necessarily saying to do CI through the company, I was talking about OP's situation and saying it might be a good idea for him to have CI, one way or another. If he doesn't do the RLP CI, he could still do CI through the company as a benefit in kind and it would probably be marginally more tax efficient, depending on other factors.

  2. #12

    Still gathering requirements...


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    RLP can be easily converted to a personal one should you close down your company in the future.

  3. #13

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    Quote Originally Posted by konsultant View Post
    RLP can be easily converted to a personal one should you close down your company in the future.
    How would these be done - they are two different product types ?
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  4. #14

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    Best speak to an IFA. In general though you don't want to be updating existing policies as life insurance has got more costly over the years so old ones are usually better value.
    I add more policies as I need them.
    But you NEED an IFA who knows the market and can assess your existing policy for suitability.
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  5. #15

    More time posting than coding


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    Definitely agree with the additive model. Also we've started getting separate policies as the amounts we're covering are getting a lot higher than when we were in our early twenties and we'd still want the kids to benefit from some after one of us croaks.

  6. #16

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    I've just taken out some Relevant Life insurance covering £200k over 20 years for £23 per month...
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  7. #17

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    I have just taken out life cover Via my limited company £23 per month for £300k cover till 65 years of age.
    Also critical illness cover £54 a month for £2200 a month same job cover until 65. Taken them both through my limited to save on the tax and NI. I used Drewberry insurance.

  8. #18

    Should post faster

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    Quote Originally Posted by console View Post
    I have just taken out life cover Via my limited company £23 per month for £300k cover till 65 years of age.
    Also critical illness cover £54 a month for £2200 a month same job cover until 65. Taken them both through my limited to save on the tax and NI. I used Drewberry insurance.
    Just checked that site, thanks it was really useful. Showing about £35 a month for £3k illness cover until I'm 65, I was expecting it to be a lot more than that tbh..! Better get this done asap.

  9. #19

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    Quote Originally Posted by le3ky View Post
    Just checked that site, thanks it was really useful. Showing about £35 a month for £3k illness cover until I'm 65, I was expecting it to be a lot more than that tbh..! Better get this done asap.
    check that it works for contractors. A lot of these policies, whilst offering say £3k a month, will often not exceed what you take as a PAYE salary.
    There are some that count dividends towards that calculation but not all.

  10. #20

    I live on CUK

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    Quote Originally Posted by Lance View Post
    check that it works for contractors. A lot of these policies, whilst offering say £3k a month, will often not exceed what you take as a PAYE salary.
    There are some that count dividends towards that calculation but not all.
    Actually it's more complex than that.

    You need to check that the insurer you end up with will cover your income not just PAYE income as a contractor.
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