They say your home is your castle – and that's because you need to make it secure!
And it's not just about the bricks and mortar – what about protecting your income and ability to earn a living, even if poor health or employment problems come visiting?
Planning to protect your children's education – both private school and University fees – together with what might happen to your family if you're no longer here is so important.
Cleve knows that planning is key to your peace of mind – be prepared for anything.
Relevant Life Trust
Who will be interested?
- Employees who have built up substantial pensions pots within a money purchase scheme.
- Employees with significant final salary pension benefits.
- High earning employees who wish to take lump sum Death In Service (DIS) benefits outside the Lifetime Allowance (LTA).
- Employees who are members of Group DIS based on salary only.
- Businesses with too few employees for a Group DIS.
- Business owners looking for the most tax efficient way to provide family protection.
How does it work?
- Single life policy taken out by the employer to provide death in service benefit for an employee.
- Company pays the premium.
- Written under a Relevant Life Policy Trust for the benefit of nominated beneficiaries.
- Employee completes Nomination of Beneficiary form.
- Corporation tax relief available on the premiums.
- Not a P11D benefit to the employee.
- Benefits paid tax free to the beneficiaries.
- Premiums not part of the Annual Allowance.
- Sum assured not part of the Lifetime Allowance.
How is it written?
- Single Life (Level Protection Plan)
- Life only (including terminal illness)
- No disability benefits
- Must end before age 75
- Trust (Z12) must be received pre-issue
- Max sums assured:
- 20 x income under age 40
- 15 x income age 40-59
- 10 x income age 60+
Extracted from an article on the Zurich Protection website
|
