Pay Your Life Insurance Premiums As A Business Expense

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Key Man Insurance Cover

A key person policy pays the business a lump sum when a key person who works for that business suffers a specified critical illness or dies. It's a simple term assurance policy that protects the business against losing a key person.

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Executive Income Protection

Executive income protection is a tax-efficient policy that pays 80% of your monthly income to the business if you are unable to work due to sickness or ill health, until you return to work.

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Shareholder Protection Insurance

In the event of the death of a shareholder the shares that they previously owned could be inherited by another family member, making this person you may never have met, a key shareholder in the decision making of your business. This is a very common risk that can be eliminated by using a simple shareholder protection policy.

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Whole Life Insurance

Whole life insurance essentially is just that - it is a life insurance policy that covers the remainder of your life, as long as you keep paying the premiums. These policies can be very helpful for long-term shareholders who choose to keep their shares past the age of 75, when getting most other insurance cover may be difficult.

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Private Business Health Insurance

Private business health insurance can be paid for by your company as an expense and can also be extended to include your family. Corporation tax relief is available, however, a benefit in kind tax will be due on the value of the business health insurance premiums. This is usually more tax efficient than paying for the premiums personally.

The Top 4 Insurances Every Director Should Know About
Four tax efficient insurance policies that can be essential to business owners.
Relevant Life Insurance
A tax-free life insurance policy paid for your business with the benefit being for your family and no benefit in kind tax charge.
Executive Income Protection
A guaranteed income if you cannot work due to ill health and the business paying the premiums.
Shareholder Protection
A tax-free policy that allows you to buy back the shares of a deceased shareholder with no benefit in kind tax to pay.
Keyman Insurance
A tax-free payment to the company in the event of the death of a key person in the business.
Comprehensive, Regulated Advice

Speak To Us About Your Business Life Insurance

Welcome to Executive Life, where our aim is to provide a comprehensive source of regulated financial advice to help business owners and executives. Our business life insurance broker services ensure that you find the right insurance cover for your company and key employees, in the most tax-efficient way possible.

Financial planning for business owners doesn’t need to be a long and complicated process, with outdated independent financial advisors that don’t understand the challenges of business. Our team of business life insurance brokers are forthright with their advice and insurance suggestions, whilst also working to open up new opportunities and ideas that you may not have considered before.

Speak To Our Team
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Protection For Business Owners

Personalised Quotes To Suit You

Our clients all have the same profile: successful business owners. As a result, this means that we are always facing the same life insurance challenges. However, this doesn’t mean that all of our clients are treated in the same cardboard cutout way. Our team of business life insurance brokers take time to get to know you and your business in order to provide the best service and recommendations. Here at Executive Life, we’re confident that we can find you the right business life insurance solution.

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Put A Plan B In Place

Protecting Your Business Against The Unexpected

There is a lot at stake for business owners when it comes to running a business, including financial security, professional relationships and your personal life and livelihood. There are many different types of insurance you need to ensure is in place for your business, but one that is perhaps the most important is business life insurance.

Business life insurance provides business owners with a plan B, in the event that should something unforeseen happen to them or a key person/employee, the business doesn’t take a financial hit. Business life insurance isn’t one specific type of insurance, but instead encompasses a variety of different protection and cover for key people within your business. Our team of business life insurance brokers can help you to find the right insurance and premium for your business, giving you peace of mind that your business is protected.

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Cover Your Life Insurance Premiums As A Business Expense

Corporate and Income Tax Savings

Providing business life insurance for key people within your company can be costly, but did you know that you can pay for business life insurance as a business expense and save on both corporate and income tax? Our business life insurance brokers are on hand to provide further advice and help you find the right insurance cover for you.

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Learn More About Our Range Of Different Policies

Business life insurance isn’t just a one-size-fits-all insurance policy. Business life insurance encompasses a range of different insurance policies to protect employees within your business, as well as cover your business against financial loss should the unthinkable happen. Our team of business life insurance brokers can source and find the best insurance policies for you, including:

  • Relevant Life Insurance
  • We can help you find a relevant life insurance plan that is cost-effective and covers the life of employees within your business. Our life insurance brokers can help you find the best cover from a range of providers.

  • Executive Income Protection
  • Support your small business by preventing any financial impact should employees become ill or unable to work. Our team of business life insurance brokers can find the right plan for you.

  • Key-Man Insurance
  • If a key person within your business dies, becomes ill or is unable to work through injury or illness, having key-man insurance in place can absorb any financial losses. Our business life insurance brokers can find insurance policies from insurers you can rely on.

    Our team of business life insurance brokers are confident that we can match or beat any like for like relevant life insurance quotation, from any of our partner insurers that you may have obtained directly, 99% of the time. We are happy to talk through your needs and provide written, regulated, financial advice that will connect you to the best policy for you.

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    Easy and Convenient

    Benefits Of Choosing A Life Insurance Broker

    When it comes to choosing a business life insurance policy, here at Executive Life we understand that you want to take the inconvenience out of the whole process. This is where we come in.

    Rather than having to repeatedly fill out the same details online and deal with impersonal websites and online agents, our team of life insurance brokers are on hand to provide you with expert advice you can trust. There are many benefits to choosing a broker to handle your business life insurance policies, including:

  • Access expert and personal advice, tailored towards your business, with no extra cost
  • Understand and learn about the different types of business life insurance available to you
  • Rest assured that your policy will be taken care of on your behalf and any claims will be quickly and respectfully taken care of
  • Get the best insurance rates thanks to our personal connections with some of the biggest insurers
  • Save time browsing and comparing business life insurance policies online with our dedicated team of brokers
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    Policies From Some Of The Biggest Insurance Names

    What Insurers Do We Work With?

    Here at Executive Life, we have the advantage of being able to compare the entire business life insurance market in order to guarantee you the lowest premium. We compare policies from some of the biggest insurance names, including Aviva, Zurich, LV, and Vitality amongst many others.

    In order to provide you with the best business life insurance quote, our brokers use the latest industry software to compare the best cover, at the best rates. We also have the ability to request preferential rates in business life insurance cover due to the volumes of business we write with these big name insurers.

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    FAQs About Business Life Insurance

    Do I Need Business Life Insurance?

    If you own your own business, it may be prudent to have some form of business life insurance in place. Many business life insurance policies are more tax efficient to pay for as a business life insurance policy rather than a personal life insurance policy. HMRC have granted special permissions to company owners to claim both corporation tax and income tax relief on specific policies such as relevant life insurance and executive income protection, both of which can provide a high level of protection for directors and business owners.

    The consequences of the death of a business owner on their families are catastrophic, so having some form of life insurance in place is essential. As a business owner, why not let the business pay for this cover? Equally, if you should have an accident and are unable to work for a period of time, an income protection policy that continues to pay you your salary whilst you recover could also be a great asset, again with the company meeting the cost of premiums and claiming tax relief.

    With the question “do you need business life insurance”, it is not a requirement, but for most business owners, it would be wise to have it in some form.

    How Much Does Business Life Insurance Cost?

    How much business life insurance costs depends on the kind of life insurance policy taken out. For example, a very popular choice for company directors is a relevant life insurance policy. A relevant life policy is paid for by your business as a qualifying expense, meaning that you can claim corporation tax relief on the premiums in order to reduce your annual corporation tax bill. The benefit is for your family and, if you should die, they would receive the benefit amount, tax-free. The cost for a 40-year-old, non-smoker, insured to age 65 with a benefit of £1 million would be just £60 a month, paid by the business with no benefit in kind.

    Premiums for other business life insurance policies, such as shareholder protection or key man insurance, are also a similar price.

    Executive income protection is also more affordable than you might think. The same 40-year-old, non-smoker insured to age 65 on a salary of £80,000 a year could insure 80% of this income with a 24-month limit for just £56 a month.

    If you would like a bespoke quotation, we search every insurer in the UK market and present this information to you so you can pick the best insurer that offers the best value. Feel free to reach out to the Executive Life team and we will be happy to help!

    Is Life Insurance A Business Expense?

    Not all life insurance is a qualifying business expense. Relevant life insurance and executive income protection are the most tax efficient, as they both qualify for corporation tax relief with no benefit in kind.

    Shareholder protection with a company share buy-back and key-man insurance has no benefit in kind tax, however, corporation tax can’t be claimed.

    Private health care can be paid for by the business, however, benefit in kind tax will be charged to each member.

    What Is Business Life Insurance Used For?

    There are four main kinds of business life insurance. relevant life insurance, executive income protection, shareholder protection and key man insurance. They all have different uses.

    Relevant life insurance is a policy that is paid for by the business as a qualifying expense and the benefit is for the member’s family personally. It’s a form of death-in-service benefit that you might have if you worked for a larger company, but it can be used for businesses of all sizes.

    Executive income protection is a policy that can also be paid for by the business as a qualifying expense and will pay the business an income each month if the member is unable to work due to health-related reasons. This policy, used in conjunction with a relevant life policy, provides a great amount of protection for many company directors.

    Shareholder protection is designed to provide the cash for a company to buy back the shares of a shareholder should they die. It means that the company remain in the control of the remaining shareholders and is very important for businesses where there are multiple shareholders.

    Key man insurance cover is used so that, in the event of the loss of a key person, the business may suffer a short term decrease in income. This can be counterbalanced by using a key man policy that pays a lump sum to the business in the event that a key person either dies or become critically ill.

    Many businesses require a combination of all of these policies to create a protection suite. For more information on how best to combine insurance policies to suit your business, contact us today.

    What Business Insurance Policies Do You Recommend?

    Most company directors choose to start with a relevant life policy as this protects their family in the event of their death. Shareholder protection is also popular, as many businesses are owned by multiple shareholders, so having this insurance in place can be essential to ensure the smooth running of a business.

    Executive income protection is important for businesses that rely on sales, or if they act as the main contract winner within the business, as if the director was unable to work, sales would stop and income would soon follow. The risk of this can be reduced by using executive income protection.

    Finally, key man insurance can be prudent when select individuals in the business are responsible for the majority of sales or business income. If there were not around, then the business would suffer, so having a buffer of cash from a key man policy could be essential to the business's survival.

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    Adding A Personal Touch To Business Life Insurance

    Our Life Insurance Brokers and Advisors

    At Executive Life, we’re not just a large team of brokers or a generic call centre looking to close deals. We’re a team of dedicated life insurance advisors and wealth managers that take the time to discuss the right types of business life insurance for you, whilst adding that personal, human touch to what is ultimately a very important business decision.

    We don’t just look for the cheapest policy. Instead, we look for a policy that works for your business, as well as the tax efficiency of the policies available in order to make a saving of up to tens of thousands of pounds over the life of a business life insurance policy. No matter your business life insurance needs, our team of insurance brokers are on hand to provide professional and expert advice you can trust. Contact Executive Life today!

    Arrange Your Consultation With Our Team
    Offering Peace Of Mind

    Independent Advice You Can Trust

    We are an independent, FCA-authorised financial planning business. Because we are independent, this means that we are not tied to specific companies in the solutions or business life insurance policies we recommend. Instead, we search the market in order to find you the best deal and best provider for your business life insurance or investment needs. We make sure to back up any and all of our insurer recommendations with written regulated financial advice that gives you peace of mind that you are dealing with professional experts.

    Get Your Quote Today!
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