You can get Tax Relief on your Life Insurance Policy
Not many know about this, but now you can get a refund of up to 40% of your Life Insurance premiums. You can recieve Tax Relief at the marginal rate of tax on your Life Insurance policy.
Yes , it is called Pension Term Insurance and very few take advantage of this and there is no reason why.
How does it work?
It works the same was as an individual life insurance plan.
◗ It pays a cash lump sum if you die within the term.
◗ It provides life cover at a very reasonable price, depending on your age and certain other factors.
◗ Tax relief on life insurance premiums (up to Revenue limits).
Who is Pension Term Insurance Suitable for?
- Anyone who is self employed, either profession or trade such as solicitors, accountants,
carpenters or farmers, assessable for income tax.
- Anyone who is in non-pensionable employment i.e. PAYE workers who are not part of a company (occupational) pension scheme.
- If you are a director of a company or are an employer.
- If you are a member of a group occupational pension scheme and your employer has set up a group AVC scheme.
How does tax relief work?
Premiums paid into Personal pension term insurance qualify for tax relief at the life insured’s marginal rate of income tax, subject to certain limits.
Premiums paid into Executive Pension Term Assurance are eligible for tax relief at the appropriate corporate rate, subject to certain limits. There are no BIK implications for the individual director or employer.
**If you are eligible, it will cost you 40% less than a regular life Insurance
Can you give me an example?
To get advise on this, to check if you are eligible or to ask questions on the most appropriate cover please get in touch:
or get an instant quote on our website: