Let the taxman help pay for your life cover!
When it comes to life insurance for small business owners and executive employees, there is a more tax efficient way to buy it … an Executive Pension Term Assurance Plan.
With a suitable life policy, it is the employer that makes the payments not the person covered, so the premiums usually qualify for tax relief.
If the employee dies before retirement, the lump sum amount can help their family survive without having the employee’s income to rely on.
The benefits of an Executive Pension Term Assurance plan are …
➤ It provides affordable life cover
➤ It is normally paid for by the employer
➤ The employer’s contributions usually qualify for tax relief and are not a benefit in kind for the employee (under current legislation)
➤ The employee’s family/estate receives a cash lump sum if he/she dies during the term of the policy
➤ It provides peace of mind for the employee and financial security for the employee’s family.
Michael Keville T/A MK Financial is regulated by the Central Bank of Ireland