Relevant Life
Just set one of these up through a very helpful broker called Richard Plews at Ikap Life. Tell him I sent you/
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Reply to: Getting an insurance
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Previously on "Getting an insurance"
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Originally posted by TheCyclingProgrammer View PostIIRC, the only type of life assurance policy YourCo can pay for without BIK issues is a "Relevant Life" policy.
These policies are normally written into trust so it can be paid out to the beneficiaries without any tax implications or tying it up in YourCo:
Legal & General - Relevant Life Plan
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This thread has just reminded me that I still haven't written my life assurance plan into a trust - I must sort that out.
FWIW, when I was looking for life assurance, both for me on an individual policy (level term) and for my wife and I (decreasing term to cover the mortgage once we complete our purchase), I got my mortgage broker to look into it.
There were a few past health issues that were causing the cheapest quotes to be loaded. I had quotes as cheap as £10 p/m for £300k level term cover for about 22 years. With loading these were doubled. In the end I went with L&G who were cheaper than most of the loaded premiums and partly out of principle as I felt the loading was unfair.
I looked into Relevant Life policies at the same time but even with the corporation tax saving, it worked out slightly cheaper to pay for a normal policy myself. I have a L&G level term policy of £400k for 24 years and pay £19 p/m. YMMV.
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Claiming a rent
Started by Ltd, Today 12:34Getting an insurance
Started by yasockie, Today 16:30
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Originally posted by yasockie View PostI'm thinking of getting a pretty comprehensive insurance for key personnel in my Ltd.
How is this treated tax-wise? As far as I can see the premium would be paid from the Ltd account, but any eventual payoffs would go directly to the beneficiary, so a BIK in my view?
Are there any insurance policies that protect a business, rather than a person?
I am specifically thinking of a scenario, where Ltd is unable to trade as key personnel is ill.
Graeme Bennett ACMA MBA
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IIRC, the only type of life assurance policy YourCo can pay for without BIK issues is a "Relevant Life" policy. Speak to a broker about one.
These policies are normally written into trust so it can be paid out to the beneficiaries without any tax implications or tying it up in YourCo:
Legal & General - Relevant Life Plan
Leave a comment:
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Originally posted by yasockie View PostI'm thinking of getting a pretty comprehensive insurance for key personnel in my Ltd.
How is this treated tax-wise? As far as I can see the premium would be paid from the Ltd account, but any eventual payoffs would go directly to the beneficiary, so a BIK in my view?
Are there any insurance policies that protect a business, rather than a person?
I am specifically thinking of a scenario, where Ltd is unable to trade as key personnel is ill.
I hope this helps.
Martin
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Getting an insurance
I'm thinking of getting a pretty comprehensive insurance for key personnel in my Ltd.
How is this treated tax-wise? As far as I can see the premium would be paid from the Ltd account, but any eventual payoffs would go directly to the beneficiary, so a BIK in my view?
Are there any insurance policies that protect a business, rather than a person?
I am specifically thinking of a scenario, where Ltd is unable to trade as key personnel is ill.Tags: None
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