Paying PHI and life cover through company

[northernladuk]

Life insurance seems to be a no brainer to be honest. Get the company to pay - 20% saved. No BIK implications and no hassle if it pays out.

You sure about that, these comments from Mal, Craig et all all seem to think otherwise?

'This is correct, in order to ensure that the policy is not treated as a BIK it will need to be a Relevant Life Policy. '

[psychocandy]

You sure about that, these comments from Mal, Craig et all all seem to think otherwise?

'This is correct, in order to ensure that the policy is not treated as a BIK it will need to be a Relevant Life Policy. '

Yes. Sorry - as you say its not a normal life policies...

Although to be fair, the quote I got from contractor financials for this type of policy even worked out cheaper than the one I'm paying for personally at the moment.

[psychocandy]

Possibly what is deemed as a Keyman Life Policy, I used to work at HSBC in securities (assets) and we used to have companies use these as insurance for loans etc. The way they are written suggests that the company would be up the creek without this person or persons should an accident or death befall them.

Aye. Which is most of us I guess running a one man limited co. If we dropped dead then company would, in effect, be FCUKed.

[Notascooby]

I've got both (through contractor financials) via Unum and the Pru

Life via the pru is about £45 per month and Illness protection based on 40k per year and 6 months before claim is £54 so £100 per month all in. Peace of mind when you've a wife + kids + mortgage.

illness protection is also inflation linked and based upon ability to perform current role - i.e. would pay out if still able to work but not as powerpoint jocky - I mean architect.