Life Insurance
As contractor there are certain benefits that permanent members of staff receive that have been historically unavailable to you. One of these is death in service life insurance cover.
In the past, if you wished to put life insurance in place you would have had to pay the premiums personally out of taxed income.
This has now changed and we are able to arrange a life insurance policy for you that is paid for by your company. The premiums are normally counted as an allowable business expense which means that there is no Corporation Tax to pay on them. Furthermore, the premiums are not counted as a benefit in kind and in the event of your death any benefits payable from the life insurance policy can be paid to your next of kin or partner tax free.
For a basic rate tax payer this represents a saving of 21% and for higher rate tax payers a saving of 40% over premiums that are paid personally.
ClearSky Financial can help you to assess the level of cover that you require, search the whole market, recommend the most suitable policy and help complete the forms for you.
