Thomas Carroll Independent Financial Advisers offer expert Life Cover advice which is based entirely on your needs.
Group Life Assurance Schemes
It costs little for employers to provide employees with a substantial level of life insurance cover without medical evidence, but it is much appreciated by their staff. It can be particularly valuable for those who, through age or medical condition, would find it expensive or impossible to arrange their own cover.
Group Life Assurance schemes, also known as Death In Service schemes, can provide both lump sums and pensions for dependants. Schemes are set up under Trust so the lump sum will not form part of the member’s estate and under current legislation will not be subject to Inheritance Tax or Income Tax.
Some schemes also include an Employee Assistance Programme which provides anonymous counselling to all employees on a variety of family, health and legal matters.
Premiums paid by the company to a registered scheme are usually allowable as a business expense and the company will be able to receive Corporation Tax relief on the premiums which can reduce the real cost for the employer.
Relevant Life Plans
A Relevant Life Plan can be a tax efficient way for salaried company directors to pay for their life cover. Plans are arranged on an individual basis and medical details will be requested upon application.
The plan can provide a cash lump sum of up to 25 times salary to nominated beneficiaries. As the plan is placed in trust from the outset there is likely to be no Inheritance Tax on the benefit. The company can pay the premiums on behalf of the employee or salaried director and these premiums are usually tax deductable.
We will advise on the most appropriate level and type of cover for various categories of your workforce, discuss how the scheme should be set up and run as well as ensuring the scheme is registered with HMRC, if necessary. We will also help you to design member communications so that your employees are aware that they have this valuable benefit as part of their employment package.
We would be delighted to review your current arrangements and discuss our Life Cover proposition with you. Whatever the nature of the review, as a Chartered Financial Adviser, you can be assured that we will provide a solution that is based entirely on your needs.