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Life Insurance as a contractor

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    Life Insurance as a contractor

    Quotes for life insurance is pretty affordable for people my age, around £15 per month for £300k (for my little brother) if I die.

    I am considering signing up.

    My question... can my business pay for this or do I?

    #2
    Originally posted by ujjain View Post
    Quotes for life insurance is pretty affordable for people my age, around £15 per month for £300k (for my little brother) if I die.

    I am considering signing up.

    My question... can my business pay for this or do I?
    LOL! Do you know what 'wholly and exclusively' means?
    I couldn't give two fornicators! Yes, really!

    Comment


      #3
      Originally posted by BolshieBastard View Post
      LOL! Do you know what 'wholly and exclusively' means?
      Yep, I just don't want to "just assume" it's not possible. I'd like the confirmation.

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        #4
        Yourco can take out a 'relevant life' policy on you. IPSE do a very reasonable one.
        World's Best Martini

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          #5
          My only concern is that I pay IPSE £245.20 per year now and if I cancel my IPSE membership, my life insurance will be canceled too. And life insurance gets more expensive the older you are.

          Comment


            #6
            when I was on hold to contractor financials I am sure I heard them mention a company deductible one... no idea if it's any good like.

            Comment


              #7
              Yes you can. It's called a Relevant Life Policy. There aren't that many around so worth hunting for. The company can still pay for it if It's not the correct type of policy but it'll be a taxable bik.

              Comment


                #8
                Originally posted by Alan @ BroomeAffinity View Post
                Yes you can. It's called a Relevant Life Policy. There aren't that many around so worth hunting for. The company can still pay for it if It's not the correct type of policy but it'll be a taxable bik.
                LOL! Well you learn something new every day!
                I couldn't give two fornicators! Yes, really!

                Comment


                  #9
                  Originally posted by Alan @ BroomeAffinity View Post
                  Yes you can. It's called a Relevant Life Policy. There aren't that many around so worth hunting for. The company can still pay for it if It's not the correct type of policy but it'll be a taxable bik.
                  Yep got one of those, 600k for me and 300k for the misus at less than a hundred notes a month.

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                    #10
                    The trouble with Life Insurance, I find, is that you're never able to claim on it....
                    ⭐️ Gold Star Contractor

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