Directors and Business Owners Could Save 30/40% on Life Insurance.

Elevate specialises in life insurance for business owners and directors. Relevant Life insurance is one of the most tax efficient ways to arrange life insurance and can be 30/40% cheaper than arranging personal life insurance.

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We Partner With Leading Life Insurance Providers.

At Elevate we discuss your requirements, options and if suitable arrange one of these tax efficient policies from our panel of insurers – AIG, Aviva, Zurich and others. Our service is free and without obligation.

What Is Relevant Life Insurance?

  • Pays dependents, or families of employees, or directors a lump sum to make up for income/wealth that will no longer be generated.
  • Paid for by employers for the benefit of directors/employees, a type of ‘death in service cover’
  • Tax efficient for employers as premiums are usually treated as an allowable business expense.
  • The taxman does not treat premiums paid by the employer as a P11D benefit.
  • Neither employee nor employer has to pay National Insurance on the premiums.
  • The employee doesn’t have to pay income tax on the benefits and any pay-out is not usually subject to inheritance tax or subject to capital gains tax.
  • Pay outs don’t form part of an employee’s lifetime pension allowance nor will premiums count as part of their annual allowance.
  • Up to 25x salary in cover is usually possible.
  • Benefits must be written into a Trust for employees’ family, dependents or beneficiaries.
Employees who are covered with relevant life insurance
Relevant Life Example. Individual Life Insurance Relevant Life Insurance
Cost to Employee
Monthly premium from net salary £83.33 £83.33
Employee NI @ 2% £2.87 -
Income Tax @ 40 £57.47 -
Total Cost to Employee (gross) £143.67 -
Cost to Employer
Monthly premium - -
Employers NI @ 13.8% £19.83 -
Total gross cost £163.50 -
Less Corp Tax @ 20% £32.70 £16.67
Tax adjusted total cost £130.80 £66.66
By opting for Relevant Life insurance this director could save £64.14 (49%) per month compared to arranging a personal policy

● Assumes a company Director is insured and the company pays the Relevant life premium for a Director who is an employee and a higher rate tax payer
● Assumes small company corporation tax rates apply
● Source : Royal London

How we help.

At Elevate we’re classed as a non-advised brokerage for life insurance. We’ll use the personal information you provide, to identify suitable policy options, allowing you to make an informed decision, placing you in complete control of your final decision.

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Elevate Tax Efficient Life Insurance FAQs.

Can I keep the policy if I change my employer?

Yes policies are portable if the new employer pays the premiums, alternatively they can be converted into an individual life policy.

Are payouts tax-free?

Usually they are exempt from Capital Gains Tax and Inheritance Tax when they are written into trust.

Can the Company be the beneficiary of the policies?

No, the employees and the estate must be the beneficiaries via a Trust.

Why do I need to write the policy into Trust?

This is a strict condition of such a policy and ensures the benefits of the policy go to the employee/director’s estate. The trust may also streamline payment of benefits and mitigate any IHT obligations.

Is setting up a Trust agreement complicated?

No, insurers have standard forms although you may wish to obtain independent legal advice.

Do these policies impact my lifetime pension allowance?

Usually it does not but you would need to double check with a tax advisor or IFA.

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Our Commitment.

We treat all of our clients as individuals. We have time to talk, we listen and understand what you need. We are here for clients throughout the insurance process, arranging customised cover, adapting policies as things change, reviewing the market every year and supporting them with any claims. Your personal advisor is available on a direct dial.

Jowyn Wong
Jowyn Wong
Best company I’ve ever had the pleasure to arrange insurance with. Richard is so informative and knowledgeable, kept me informed every step of the way to insuring my pride and joy. Professional, personal and utterly perfect. Thank you!
Simone Chawda
Simone Chawda
I could not recommend Elevate enough, they were super helpful in explaining policy cover / options & made the process very easy for me to choose. It was great to have a trustworthy & reliable company finding the best cover for me personally & not in the best interests of commission etc Thank you Elevate!
Will Casswell
Will Casswell
very helpful. thank you
James Rainbow
James Rainbow
I had never used an insurance broker before but getting car renewals was getting more and more time consuming. I was referred to Blain at Elevate by a friend and now wonder why I didn't do this before. Elevate are great to deal with and I now have a better level of cover than before at a lower cost with 95% of the hassle removed.
jack gibbs
jack gibbs
Great personal service! Working with Elevate ensured I recieved efficient and stress free landlord insurance keeping me covered across various properties.
Sean M
Sean M
Just wanted to give a big shout out to Dan White and his team at Elevate Insurance Brokers. Having just moved house and tired of the continual high rises in insurance premiums, I chose to stay local and support local. Dan made sure we had the right cover in place and didn’t leave any stone un-turned. His attention to detail in making sure the cover we needed was second to none. All in, he managed to beat my renewal cost and the top three providers, increased my cover and provided me with the peace of mind that my house and personal belongings were covered. #staylocal #investinlocal #localisbest #homeinsurance #insurance #elevate #trust #confidence #happycustomer
Tom S
Tom S
Great service as ever from Elevate! I already insure my main car with them and had to add another in rather a hurry and I didn't have the time to spend ages on the phone organising, Elevate handled it all seemlessly and had my cover updated perfectly at a reasonable price. Can't recommend them highly enough!
John Yates
John Yates
Contacted Dan and his team to discuss my business insurance requirements. Excellent advice and very thorough explanations on various aspects of the policy ensured we now have the appropriate insurance in place. Thanks Dan.

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