Thinking about taking out a life insurance policy to protect you and your employees’ families?
Small private limited company with no need for a group life scheme?
How about a Relevant Life Policy (RLP)?
RLP is similar to a ‘death in service’ policy. It is a tax-efficient way to provide a cash sum paid directly to the employee’s named beneficiary should they die.
A standard policy will typically be funded by you and subject to Corporation Tax, Income tax/Dividend Tax and NI Contributions.
A RLP is bought and paid for by your company and the premiums are an allowable business expense, they are not deemed to be a ‘benefit in kind’ to you the individual.
RLP is not a legal requirement, and businesses don’t have to offer it although employee incentives such as this can play a huge part in employee retention and recruitment.
If protecting your employees’ families is important to you, I’m here to give you, my help.