RELEVANT LIFE CALCULATOR

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Relevant Life Cover Calculator

Work out how much money you can save with our relevant life insurance calculator. Our calculator will allow you to compare the net cost of a personal life insurance policy against relevant life. Simply add the below details and see how much you can save.

You will need to add a personal life insurance premium into at the top. Make sure the figures for your tax are correct, and then scroll to the bottom.





 

When it comes to Relevant Life Insurance, it’s important that you get a policy that provides your key persons with the right level of cover. Relevant Life Insurance is designed to benefit a key person’s loved ones should the key person pass away unexpectedly. Unlike other insurance policies, such as a Key Person policy, the insurance money from Relevant Life Insurance is paid to the key person’s beneficiaries, rather than the company itself.

 

Relevant Life Insurance is typically used to insure directors or employees who are integral to the running of the business. This includes top salespeople and employees who have a unique skillset. The company pays the premiums and owns the policy. By comparison, Personal Life Insurance is paid for and owned by the employee.

 

Here at www.mykeymaninsurance.com, we’re committed to finding you the very best insurance to protect your key members of staff and their families should the worst happen. Our handy Relevant Life Calculator will help you compare the net cost of a Personal Life Insurance policy against Relevant Life. We’re on hand to make sure your key members of staff are fully insured, while also finding you the best policies and rates for your company.

How to use our Relevant Life Policy Calculator

It couldn’t be easier to use our Relevant Life cover calculator. All you need is the annual premiums for the current Personal Life Insurance policy and the percentage of Corporation Tax rate. You’ll also need to input the key person’s annual salary, and the coverage amount into the calculator. It’s important that all the figures are correct to get an accurate calculation from the Relevant Life calculator.

Once you’ve inputted the required figures, our Relevant Life plan calculator will calculate the savings you could make from changing the insurance from a Personal Life Insurance policy to a Relevant Life Insurance policy.

How to calculate how much Relevant Life Cover you need

There are several factors that influence how much Relevant Life insurance you need for members of staff. This includes sources of the employee’s income, including bonuses,  benefits and dividends. The employee’s age will also affect how much cover they need. For example, if the employee is under 40, they may need cover for 10 to 15 times their salary, whereas if the employee is over 50 years old, the cover might be 5 to 8 times their salary.

Relevant Life Insurance is designed to help the employee’s loved ones if the key person were to pass away or become critically ill.  It’s important that the insurance policy is enough to cover the loss of the key person’s salary and their other financial responsibilities, such as their mortgage, living costs and childcare.

 

Once you’ve used our Relevant Life policy calculator, we can help you compare Relevant Life insurance cover to find the right level of cover for your key persons.

Eligibility & Criteria

There are several criteria that employees must meet to be eligible for a Relevant Life Insurance policy. While the exact criteria for policies can vary, the basic requirements for most Relevant Life Insurance includes the following:

  • Be a current director or employee at the company (including both full and part-time roles)
  • Be aged between 18 and 75 years old
  • Be a UK resident
  • Meet minimum and maximum benefit amounts 

Some employees may be ineligible for Relevant Life Insurance if their role is a high-risk occupation, or the employee engages in dangerous hobbies. Some policies may include freelance or contract employees, or employees on gardening leave.

There are various tax benefits associated with Relevant Life Insurance, such as Corporation Tax relief. This type of insurance also won’t affect the employee’s National Insurance contributions or Income Tax.

Get a Quote

It couldn’t be faster and easier to use our Relevant Life policy calculator. Our Relevant Life cover calculator can help you compare your options when it comes to Relevant Life insurance versus Personal Life Insurance. You can quickly input the relevant figures into the Relevant Life plan calculator, such as the key person’s annual salary and the annual premium for Personal Life Insurance, to help you compare the policies. We’ll do our best to match you with the best Relevant Life Insurance that will benefit your key persons and their beneficiaries should the worst happen.

 

Contact us today to get a quote for Relevant Life Insurance. You can call us on 02071128844 or email us at info@mykeymaninsurance.com to speak with a member of our team and discuss your insurance requirements. We can also help you find the best Shareholder Cover or the best Business Loan policy, among other types of business insurance.

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What people are saying about us.

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Excellent service with easy to
understand explanations

Jody was very helpful in explaining the options and I thoroughly recommend his company

We received a wonderful service
from…

We received a wonderful service from mykeyman and will be using them again. The service and product knowledge from team is excellent. Everything was made easy to understand. The price was the best we found too.

First Class Service

The standard of service was first class. They kept me up to date with progress on my Relevant Life Policy, followed up promptly following delays caused by my medical practice being slow in compiling reports, and responded instantly and clearly to any questions I had.