Is this you?
You run a limited company and want to provide life cover for yourself as a director.
You employ a small team and cannot justify a full group scheme.
You want to offer a senior hire a death-in-service style benefit.
You currently pay for personal life cover from your own taxed income.
How Verion helps
We explain how the policy is owned by the business and written into a suitable trust for the employee's beneficiaries.
We arrange cover through providers on our panel that offer Relevant Life plans.
We coordinate the setup, including the trust documentation, so the structure is correct from the start.
We set out how the arrangement typically sits for tax, and recommend you confirm your position with your accountant.
The process
Understand
We review the company structure, who is to be covered and the level of cover required.
Structure
We set the policy ownership and the trust so the benefit reaches the right people.
Recommend
A clear recommendation with the cover level, the structure and the cost.
Implement
We handle the application and the trust paperwork, and review the cover as the business changes.
Things worth knowing
The policy is owned by the employer and held in trust for the employee's family, which keeps the payout outside the business.
Premiums can often be treated as a business expense, but the exact tax treatment depends on your circumstances. Confirm with your accountant.
Relevant Life cover is life protection only. It does not build a cash value.
Cover moves with the individual only if arranged to, so review it if someone leaves the company.