Skip to main content

  • Home
  • About Us
    • - Company History
    • - Our values
    • - Our Team
  • Our Services
    • - Financial Planning
    • - Savings & Investments
    • - Inheritance Tax Planning
    • - Pensions
    • - Business Protection
    • - Wealth Management
    • - Equity Release
    • - Long Term Care

    Professional financial planning is the process which aims to help you realise your ambitions - whatever they may be. As professional financial advisers we can help you make informed decisions about your financial future, in the short, medium and long term.

    You will almost certainly have goals of one kind or another and these have financial implications and leaving it to chance isn't an option.Read More

    When someone talks about savings and saving money, it could be referring to a piggy bank on the mantelpiece or a high interest deposit account. Savings are effectively cash or cash instruments, such as deposit accounts or term bonds.

    Investing is what you can do with the savings you have created - if you are looking to generate a greater return on your money than is available to you through your savings instruments.Read More

    No tax is popular but Inheritance Tax seems to provoke the most resentment.

    After all, having built your capital suffering tax at up to 45% your heirs will lose another 40%.

    The good news is this tax is designed to be avoided, provided you take action early. Government policy is to get capital moving down the generations so gifts made regularly from income or more than seven years before death are not taxed at all. Read More

    When you retire you still need food and shelter as an absolute minimum, but of course you will want to maintain the lifestyle to which you have become accustomed, so you need to provide yourself with a secure income for the rest of your life.

    A well prepared pension plan which is regularly reviewed should go some way to providing you with a reasonable level of income in your retirement.Read More

    Every business needs to protect itself. For most businesses the most valuable asset it has is its people. Without them, a company’s survival could be at serious risk.

    With that in mind we can help you take the right steps to protect your people and your business.


    Read More

    If you're over the age of 55, equity release offers you a way to use the value of your home to raise money which can be used for any purpose. Some examples might include to provide an additional income, for home improvements, to fund long term care or to provide lifetime gifts to relatives.


    Read More

    Needing long term care can be a difficult and worrying time, both for the person needing care and for family or legal representatives such as attorneys.

    Some people choose to go into a care home; others reach a point where there is no choice. However you reach this point, a deep financial understanding of the costs and resources with which to pay is essential.

    Read More

  • Enquiry Forms
    • - General Enquiry
    • - Mortgage Enquiry
    • - Protection Enquiry
    • - Investment Enquiry
    • - Pension Enquiry
  • Useful Links
    • - Research
    • - My Portfolio
    • - Market Data
  • Client Portal
  • Weekly News
  • Privacy Policy
  • Contact Us
Menu
  • Home
  • About Us
    • Company History
    • Our values
    • Our Team
  • Our Services
    • Financial Planning
    • Savings & Investments
    • Inheritance Tax Planning
    • Pensions
    • Business Protection
    • Wealth Management
    • Equity Release
    • Long Term Care
  • Enquiry Forms
    • General Enquiry
    • Mortgage Enquiry
    • Protection Enquiry
    • Investment Enquiry
    • Pension Enquiry
  • Useful Links
    • Research
    • My Portfolio
    • Market Data
  • Client Portal
  • Weekly News
  • Privacy Policy
  • Contact Us
Related Topics
Home    Relevant Life Cover
  • Directors' & Staff Benefits
  • Employers' Liability
  • Income Protection
  • Introduction to Business Protection
  • Key Person
  • Professional Indemnity
  • Share Protection

Relevant Life Cover

A relevant life insurance policy enables employers to provide individual death-in-service benefits for their UK-resident employees who are aged 17 - 71 when the policy is established. The policy, which is applied for and paid for by the employer, pays out a tax-free lump sum if the insured employee dies — or is diagnosed with a terminal illness — whilst in the service of the employer.

Relevant life plans are however available only where an employer-to-employee relationship exists — i.e. employees of a limited company. For that reason, relevant life insurance is not available to sole traders, a partnership’s equity partners or equity members of a Limited Liability Partnership

Employees can use a relevant life policy to provide their own individual ‘death in service’ benefits in addition to those offered by their employer’s group life insurance scheme if such a scheme exists. The premiums paid to a relevant life policy and the benefits paid out, are not included in the employee’s annual or lifetime pension allowances. (Relevant life is a term insurance, so the policy has no surrender value.)

Amount of cover

The policy’s sum assured is based on a multiple of the employee’s total remuneration, which includes his or her salary and any dividends and/or bonuses they may be paid. There is no statutory limit on the amount of cover. Depending on the age of the employee, and the insurance provider’s terms and conditions, the multiple could be as much as 10 to 25 times remuneration.

Tax benefits

Employer: Providing Her Majesty’s Revenue & Customs agrees that the premiums paid are wholly and exclusively for the purposes of the business, the employer is entitled to corporation tax relief on the payments. Furthermore, there are no National Insurance contributions to pay on the policy payments.

Employee: There are no National Insurance contributions to pay on the policy payments and as the payments are not treated as a benefit in kind, they are not subject to income tax. On the death of the insured person, the tax free lump sum will not form part of the deceased employee’s estate and will not be subject to inheritance tax.

TAX TREATMENT DEPENDS ON INDIVIDUAL CIRCUMSTANCES AND IS SUBJECT TO CHANGE.

Trust

To ensure the proceeds go directly to the employee's family or financial dependants, we will normally recommend that the policy is written in an appropriate trust.

Portability

If the policy is portable, the employee can take it with them should they move to a new employer, although a new trust would need to be set up in that circumstance. The employee can either assume responsibility for making the policy payments, or ask their new employer to pay the premiums as part of a benefits package.

PROTECTION ENQUIRY FORM

Your Address

Cover Required

Lives Assured

1st Life Assured

2nd Life Assured

Marketing Information

Sensitive Personal Data

We may need to collect sensitive personal data including information about your health, ethnic origin, or criminal prosecutions from third parties such as employers and credit reference agencies, fraud prevention agencies and other similar organisations in order to provide you with the services, for example where you require advice on protection or mortgages products.

If you consent to us obtaining your sensitive personal data from third parties referred to above for the purpose of providing you with the services, and sharing it with third party providers and Quilter Financial Planning to obtain quotes on your behalf, for example where we are providing you with mortgage or protection advice as part of our services, please tick this box.

Submit your Information

From time to time, we would like to contact you with details about our services, products, business updates and events. If you consent to us contacting you for this purpose please tick to say how you would like us to contact you:

Email
Telephone
Post
Yes please, I'd like to hear about offers and services.
No thanks, I don't want to hear about offers and services.
Please tick this box to confirm you have read and understood our privacy policy.

A relevant life insurance policy enables employers to provide individual death-in-service benefits for their UK-resident employees who are aged 17 - 71 when the policy is established. The policy, which is applied for and paid for by the employer, pays out a tax-free lump sum if the insured employee dies — or is diagnosed with a terminal illness — whilst in the service of the employer.

Relevant life plans are however available only where an employer-to-employee relationship exists — i.e. employees of a limited company. For that reason, relevant life insurance is not available to sole traders, a partnership’s equity partners or equity members of a Limited Liability Partnership

Employees can use a relevant life policy to provide their own individual ‘death in service’ benefits in addition to those offered by their employer’s group life insurance scheme if such a scheme exists. The premiums paid to a relevant life policy and the benefits paid out, are not included in the employee’s annual or lifetime pension allowances. (Relevant life is a term insurance, so the policy has no surrender value.)

Amount of cover

The policy’s sum assured is based on a multiple of the employee’s total remuneration, which includes his or her salary and any dividends and/or bonuses they may be paid. There is no statutory limit on the amount of cover. Depending on the age of the employee, and the insurance provider’s terms and conditions, the multiple could be as much as 10 to 25 times remuneration.

Tax benefits

Employer: Providing Her Majesty’s Revenue & Customs agrees that the premiums paid are wholly and exclusively for the purposes of the business, the employer is entitled to corporation tax relief on the payments. Furthermore, there are no National Insurance contributions to pay on the policy payments.

Employee: There are no National Insurance contributions to pay on the policy payments and as the payments are not treated as a benefit in kind, they are not subject to income tax. On the death of the insured person, the tax free lump sum will not form part of the deceased employee’s estate and will not be subject to inheritance tax.

TAX TREATMENT DEPENDS ON INDIVIDUAL CIRCUMSTANCES AND IS SUBJECT TO CHANGE.

Trust

To ensure the proceeds go directly to the employee's family or financial dependants, we will normally recommend that the policy is written in an appropriate trust.

Portability

If the policy is portable, the employee can take it with them should they move to a new employer, although a new trust would need to be set up in that circumstance. The employee can either assume responsibility for making the policy payments, or ask their new employer to pay the premiums as part of a benefits package.

PROTECTION ENQUIRY FORM

Your Address

Cover Required

Lives Assured

1st Life Assured

2nd Life Assured

Marketing Information

Sensitive Personal Data

We may need to collect sensitive personal data including information about your health, ethnic origin, or criminal prosecutions from third parties such as employers and credit reference agencies, fraud prevention agencies and other similar organisations in order to provide you with the services, for example where you require advice on protection or mortgages products.

If you consent to us obtaining your sensitive personal data from third parties referred to above for the purpose of providing you with the services, and sharing it with third party providers and Quilter Financial Planning to obtain quotes on your behalf, for example where we are providing you with mortgage or protection advice as part of our services, please tick this box.

Submit your Information

From time to time, we would like to contact you with details about our services, products, business updates and events. If you consent to us contacting you for this purpose please tick to say how you would like us to contact you:

Email
Telephone
Post
Yes please, I'd like to hear about offers and services.
No thanks, I don't want to hear about offers and services.
Please tick this box to confirm you have read and understood our privacy policy.

Read less

Wealth Management

Long Term Care

Business Protection

QUICK LINKS

  • Home
  • About Us
  • Our Team
  • Testimonials
  • Research Links
  • Client Login
  • Privacy Policy
  • Contact Us

REQUEST A CALL BACK

NEWSLETTER

CONTACT US

Square One Wealth Management LLP
Maple Barn
Beeches Farm Road
Shortbridge
Near Uckfield
TN22 5QD
T: 01273 921990
Email Us

The Financial Conduct Authority does not regulate Inheritance Tax Planning.

Square One Wealth Management LLP is an appointed representative of Quilter Financial Limited which is authorised and regulated by the Financial Conduct Authority. Quilter Financial Limited are entered on the FCA register (http://www.fca.org.uk/register) under reference 497604.

Square One Wealth Management LLP is registered in England and Wales, No. OC304412. Registered Office: Maple Barn, Beeches Farm Road, Shortgate, Near Uckfield, TN22 5QD.

The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.

© Copyright 2021 - Adviser Pro - All Rights Reserved

Design and Developed by Adviser Pro © 2021