Keyman, Life and Health Insurance

[James]

Need quotes and suitable cover discussing. Preferably looking to see if this can be set as a business expense, not sure on tax liability to the individual (outside of keyman) but happy to speak separately to an accountant. Is this anyone on heres bag?

Cheers,
James

 

[Deleted member 2463]

Keyman you can do as a business expense - the rest not really.


Sent from my iPhone using Tapatalk Pro

 

[James]

Thought as much @Neil McRae, thanks for the update - makes sense too, if anyone is in this market, please get in touch.

 

[Deleted member 2463]

But in your “trade” James I’d get some better advice - you probably need directors liability coverage also, I’d get a decent lawyer and account on a retainer as soon as you can.


Sent from my iPhone using Tapatalk Pro

 

[James]

Cheers @Neil McRae - I already have product, professional and employers in the £M's - which includes legal cover as well - this was sorted at setup.

Just moving focus now in case I got hit by a bus, what the family would get.

 

[Deleted member 2463]

Keyman won't help your family, it would help the business, but if you are dead and you've got decent life cover and you are trading as a LTD company not sure why you'd bother with Keyman.

Neil.

 

[James]

Other directors are family members - but yes, good point, depends I suppose on the most efficient way to do it.

You don't do insurance too do you @Neil McRae

 

[Deleted member 2463]

no, I do making ridiculous amounts of money without wasting it on pointless costs

 

[Deleted member 2463]

sorry I meant to add, the Keyman like any other cost can be offset on corp tax.

 

[MartinY]

Not sure why keyman would help you James. Look into employee life assurance as a perk. Not sure if it is better through the business or not...

No P11D cost to the employee (ie, you) for this.