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Put Life Over Expenses
Relevant Life Plan is a cost-efficient way of offering life cover to you or your employees. It’s tax efficient and, typically premiums can be treated as an allowable business expense by HMRC. With Corporation tax relief available, no additional income tax or National Insurance to pay, it’s good business for both you and your employees.
Our Relevant Life Insurance London provides further benefits, with the main one being its tax effectiveness. The insurance policy is personalized for both you and your workers, making it a business expenditure that is tax-deductible. It doesn't affect annual or lifetime pension totals, and if your company doesn't qualify for a group life scheme, the Relevant Life Insurance London serves as an affordable solution for providing life insurance to employees
What Is The Relevant Life Plan
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What happens when you or an employee departs from the organization?
You must choose from two choices that need to be made within 90 days of resignation:
There's no requirement for additional health records or a reevaluation by the insurer.
Why is this policy beneficial?
The strategy automatically adds some extra advantages, without requiring additional payment:
The distinctive feature of Relevant Life Insurance London allows you to utilize the tax system to your advantage, making it possible to secure your personal insurance with the assistance of the government.
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Optimism Amidst Adversity
Discovering that a Relevant Life Plan could act as a safeguard for your family's financial stability in the event of your untimely passing is comforting.
Also Read: Financial coverage for your Family
Outcome Of a Payout
Take, for instance, Ali McAllister. He is the head of an IT firm, leading a healthy life through regular physical activity. However, he harbors concerns about his ability to continue supporting his wife, Bella. The firm secures a Relevant Life Plan for him, with his coverage amounting to £1 million. He names Bella as his designated beneficiary under the trust.
Should the worst occur and Ali were to pass away while the plan was active, the trustees of the Relevant Life Plan would receive £1 million. This amount could then be distributed to Bella, tax-free. This generous sum could ensure Bella has the financial means to lead a comfortable life for several years ahead.
Creating a policy in trust is an effective method for ensuring that the advantages of the policy reach the intended recipients promptly, without any avoidable hold-ups. Trusts offer several advantages, including:
Cover Where It’s Due
Individuals with significant pension funds from registered group schemes may end up paying additional taxes on their estates. However, this isn't the case with a Relevant Life Plan, as the benefits from such plans are exempt under the current regulations from affecting the annual or lifetime pension limits.
Illustrating The Impact Of The Lifetime Allowance
Let's take the case of Dave Randall, who is 45 and serves as the chief doctor at a GP Medical center, earning a yearly salary of £100,000. Dave has been consistently making substantial contributions to his pension, resulting in a retirement savings of £500,000, which is enough, through the sale of his current residence, to construct his dream home and lead a comfortable life after retirement.
This year, Dave's employer has chosen to provide a Death In Service benefit equal to 10 times the employees' salary, with the objective of retaining the most dedicated and skilled staff members.
Should his employer choose a group life plan, a registered pension scheme, Dave and his family could face financial disadvantages, as any benefit from such a plan could exceed the lifetime allowance, leading to the taxed excess of 55%. However, the company director, who is proactive in her research, decides against this approach with the guidance of a financial advisor and selects our Relevant Life Insurance London instead.
Folwealth, an authorized and regulated company by the Financial Conduct Authority, offers Wealth Relevant Life Insurance London to our clients. Our professionals are here to guide you towards the most suitable solutions.
Reach out to us today to schedule a complimentary first meeting to talk about your requirements privately.
Still not sure? Speak with any of our protection specialist or our Chartered Financial Planner, Abi Ladele, who will be happy to help you prioritise your current existing commitments.
What would have the worst effect on your business?
1. Your business mobile phone is stolen
2. The photocopier breaks down
3. Your premises are broken into and vandalised
4. A business vehicle is written off
5. Your co-owner has a heart attack
You probably have insurance to cover four of these situations. But what would happen to your business if the worst thing on the list happens - and your co-owner suffers a critical illness? Would your business still be able to meet its obligations?
Business protection is an important part of the financial planning process for your business. It can help to pay off business loans, provide cover for key employees or help to make sure the remaining business owners keep control of the business. But unfortunately, it´s one area that´s often overlooked.
According to the Financial Conduct Authority (FCA) financial Live 2020 survey, before Covid-19, use of credit was high. Most (85%) adults held at least one credit or loan product, up from 78% in 2017. A quarter (26% or 13.4m) had been overdrawn at some point in the previous 12 months, while 5.6m held a high-cost loan at the time of interview or in the previous 12 months.
Usage of FCA-regulated credit or loan products peaked for adults in their mid-20s to mid-40s. An astonishing 58% of small businesses don´t have any cover in place to repay it if the worst should happen.
- Do you have a loan account for your business?
- Have you provided a personal guarantee for a business loan?
- Does your business have an overdraft or any other debt?
If you answered yes to any of these questions, have you thought about what would happen if your business couldn´t
repay these debts? A business protection plan could be a great way of helping to repay business loans if a shareholding director or partner dies or can´t work because of a critical illness.
If you have a successful business that you´ve worked hard to build, you´ll want to protect it.
Did you know that because you´re a director of your own company, your life cover could give tax benefits as well as peace of mind that your family would get a payout if the worst should happen? If you´re paying for life cover from your own bank account you´ll be paying out of post-tax income. And if you pay for it from your business account you´ll probably be taxed on the payment as if it were income.
Larger companies avoid this tax by providing life cover for employees through a registered group life scheme. You can take advantage of the tax benefits larger companies get by taking your life cover out through a relevant life plan.
These are open to all companies no matter how small, and you could also provide life cover for your employees even if you only have a few. With this type of plan, the cover won´t count towards the pension lifetime allowance and can free up your clients to maximise their pension investment. And with typical multiples of 15 to 20 times salary, depending on the age of the life assured, your clients could get a higher level of cover.What is relevant life insurance?
Relevant life insurance is an insurance policy that a business can take out to provide life insurance for an individual employee.
Who is it suitable for?
Those who run or work for a business that does not provide a group life insurance scheme (perhaps because it is too small to qualify for one), but would like the business to arrange life insurance as an employee benefit in a tax-efficient manner for themselves or another individual employee;
Those who run or work for a business which does provide a group scheme, but would like to arrange additional life insurance that doesn’t count towards any annual or lifetime pension allowances (this may be of particular interest to high-earning employees who may be near their pension limits);
Financial protection is an important part of the financial planning process for your business. And unfortunately, it´s often overlooked.
We know the benefits of personal wills - they make sure the money goes to the people you´d want to have it.
But have you done the same for your business.
Don´t leave it to chance. We can help you take the first steps to protect your business.
Business protection can pay out on the death of a partner or member. And a legal agreement can make sure the payout will be used to buy the share of the business from their estate.
A similar payout can be made if one of the partners or members suffers a critical illness.
Think of all the valuable assets that belong to your business - machinery, premises, equipment, supplies, and technology.
Most companies make sure they´ve protected valuable assets from fire or theft - but many don´t consider the financial value of their people.
What would happen to your business if a majority shareholder became critically ill or died? This could cause serious financial problems. For example:
Don´t leave it to chance. We can help you take the first steps to protect your business.
Business protection can pay out on the death of a shareholder. And a legal agreement can make sure the payout will be used to buy the shares of the business
from their estate.
A similar payout can be made if one of your shareholders suffers a critical illness. Many companies overlook protecting the business from the financial impact of losing a shareholding director or key employee through death or critical illness. But it should be a priority.
If you would like to discuss the benefits of Shareholder Protection with us in more detail, contact Abi Ladele or our admin at This email address is being protected from spambots. You need JavaScript enabled to view it.
You’re all set, and no need to worry about money. Not unless you get sick. Ill health can happen to anyone, any time.
With a little forward thinking, you can prevent ill health taking too much of a toll on your finances. Income protection could provide you with an income if you’re too ill to work. Take the pressure off your health so you can focus on your new job. To find the best way to protect your income, talk to us about how you can obtain the necessary financial protection.
Well not quite. Have you considered how you’d pay the bills if you were too ill to work for a while?
Ill health can happen to anyone, any time. In 2021, an estimated 149.3 million working days were lost through sickness absence or injury in the UK*. Income protection could provide you with an income if you become too ill to work.
Money’s tight and you’ve got debts to pay off. So that insurance policy might seem too extravagant. Think again. Income protection could provide you with an income if you’re too ill to work. How else would you plan to pay your credit card bills? Don’t let debt payments pile up if you’re seriously ill and can’t work.
Protect your income to help pay the rent if you’re ill. To find the best way to protect your income, talk to us today about how FOL Wealth can offer you a wide range of tailored and accessible solutions.
*Source: Office for National Statistics, Sickness absence in the UK labour market: 2021 - April 2022.
How can you avoid getting into difficulties if you can’t work? Let’s face it, savings are someone else’s luxury and you’re not a planner. But if you were too ill to work, how would you cope financially? Income protection could provide you with an income should that happen. To find the best way to protect your income, talk to us about how you can obtain the necessary financial protection.
Money’s tight and you’ve got debts to pay off. So that insurance policy might seem too extravagant. Think again. Ill health can happen to anyone, any time. But income protection could provide you with an income if you’re too ill to work. How else would you plan to pay your credit card bills? Don’t let debt payments pile up if you’re seriously ill and can’t work. To find the best way to protect your income, talk to us about how you can obtain the necessary financial protection.
It’s great to think about the best day of your life. But have you ever wondered how to prepare for the worst? It’s not something we like to talk about, or even think about, but ill health can happen to anyone. And when you’re too ill to work, the last thing you’d want to worry about is where the money’s going to come from. Income protection could provide you with an income if you’re too ill to work. Make sure you’ve got all your days covered, for better or worse. To find the best way to protect your income, talk to us about how you can obtain the necessary financial protection.
Taking out life cover could leave your family in a better position to be able to afford the everyday things they’re used to. Because if money’s really tight all the things that made life special while you were still around, could be threatened for years to come.
Family holidays |
After school activities |
Days out |
So don’t take a rain check on life cover. After all it could help protect the lifestyle of those you love.
That’s where life or critical illness cover comes in. It helps protect you both by paying out if one of you were to die or get an illness you’re insured against,* whichever happens first while you’re covered by the plan. £50,000 of life or critical illness cover could cost just a little over £25 a month.1
And with peace of mind like that, you can concentrate on building a wonderful life together.
If you had a serious injury or were too ill to work – how would you pay for your weekly shop or meet your bills every month?
Your employer might give you sick pay, but how long would that last? And while there are state benefits, they don’t amount to much.
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If you can’t work because of illness or injury, income protection could give you a monthly income to help you and your family cover the essentials.
To make sure you’re not left short, talk to your adviser about income protection today.
It’s great to think about the best day of your life. But have you ever wondered how to prepare for the worst?
It’s not something we like to talk about, or even think about, but ill health can happen to anyone. And when you’re too ill to work, the last thing you’d want to worry about is where the money’s going to come from. Income protection could provide you with an income if you’re too ill to work.
Source:
1 Royal London Personal Menu plan, December 2021. £25.84 based on a 29-year-old non-smoking couple, 25-year term, level lump sum, no children’s critical illness included, including £2.60 plan charge.
2 www.gov.uk, July 2023.
3 Weighted average weekly household spend on food and non-alcoholic drinks in the UK is £69.20. Office for National Statistics, figures for 6 April 2020 to 5 April 2021. Please note that state benefits are changing, depending on where you live in the UK you may be entitled to different benefits – visit www.gov.uk for more information.