11 Purdeys Way, Rochford, England, SS4 1ND
11 Purdeys Way, Rochford, England, SS4 1ND
When it comes to looking after your business and its employees, having the right protection in place is essential. Relevant Life Insurance from LV is a tax-efficient way for businesses to provide valuable life cover for employees, directors, or key individuals. This type of insurance is designed for smaller businesses or high-earning professionals and ensures financial security for their loved ones. An LV Relevant Life Policy also offers potential tax savings for both employers and employees.
Take a look at our LV Relevant Life Insurance review to discover what’s included in Relevant Life Insurance from LV, it’s benefits for the company and employee and why it could be a smart choice for your business.
An LV Relevant Life Insurance policy offers a tailored life cover solution for businesses that want to provide financial protection for employees and directors. In the event that an employee or director passes away, the Relevant Life Insurance policy will pay a lump sum to their beneficiaries. This money can be used to cover expenses such as the mortgage or rent, childcare and utility bills.
One of the biggest advantages of Relevant Life Insurance from LV is the Relevant Life Insurance tax treatment. Premiums are typically considered an allowable business expense, which means they can be deducted from Corporation Tax. Additionally, premiums aren’t treated as a benefit-in-kind, so employees don’t have to pay Income Tax on them. The benefits are also typically free from Inheritance Tax.
Unlike Group Life Insurance schemes, which are often only available to larger companies, Relevant Life Insurance from LV is designed specifically for small and medium-sized businesses. It allows directors or key employees to have individual life cover funded by the company and can help form part of an attractive benefits package for employees.
There are two types of LV Relevant Life Policy: Level or Inflation-linked. Level cover keeps the amount of cover the same throughout the policy, while the cover increases in-line with inflation with inflation-linked cover. There are also flexible guaranteed increase options. The cover can be increased without the need for additional underwriting in certain situations. This could be because the employee has got married or divorced, have had or adopted a child or if their salary has increased.
Not only does an LV Relevant Life policy provide tax-efficient life cover for employees and directors but it also offers additional benefits to support both the business and staff. This includes LV Business Care, Membership and Doctor Services, as detailed in the sections below. It’s important to remember that the benefits are noncontractual and can be changed or removed at any time.
This additional benefit provides free practical advice on areas such as business legal advice, tax and VAT. The legal advice can be guidance on employment issues, health and safety regulations, contract matters, and more, while the tax and VAT advice can include tax relief opportunities, self-assessment returns, changes in tax legislation, and dividend distributions.
By taking out an LV relevant life policy, the insured director or employee will become a member of Liverpool Victoria Financial Services Limited. LV is a mutual that is owned by its members, who have a say on how the insurance company is run.
The insured director or employee, along with their spouse or partner and their children have access to several medical services and advice. This includes services such as virtual GP consultations, prescriptions and remote psychological services.
As one of the country’s most reputable providers of business protection insurance, LV offers a range of products tailored to safeguard businesses against unforeseen events. Not only can Relevant Life Insurance from LV have tax benefits for both the company and employees, but it can also help attract top talent as part of an employee benefits package.
Relevant Life Insurance ensures families of the employees are financially protected should the worst happen. The lump sum payment can be used to cover expenses such as the rent or mortgage, household bills and childcare, which the employee’s salary would otherwise have paid or contributed to.
There are various factors that influence the premiums of Relevant Life Insurance, such as the employee’s age, health and salary. It’s important that the insurance provides enough coverage should the director or employee unexpectedly pass away.
You can read our thoughts on Relevant Life Insurance vs Life Insurance for further information about the two types of life insurance.
When you work with an insurance broker such as My Key Man Insurance, you can benefit from our in-depth knowledge of the market. We will provide tailored advice based on your business needs and ensure you get a policy that aligns with your financial and business goals. We have access to a wide range of insurance products and providers and are more flexible than if you went to insurance lenders directly.
We can also help you find the best policies for Relevant Life for Company Directors and Relevant Life for Contractors, along with Relevant Life insurance for employees. My Key Man Insurance has decades of experience and can guide you through the entire process to make sure you get the best cover for your staff and company.
Contact us if you have any questions about Relevant Life Insurance from LV. Our friendly and knowledgeable team will be more than happy to answer any queries you may have or offer advice on Relevant Life Insurance from LV.
