iContract speaks to one of its Service Providers, Relevant Life Expert who provide life cover for the tax-savvy contractor!
We spoke to Relevant Life Expert’s Head of Marketing Rachel Lees who talks more about what Relevant Life Expert do and what services they provide.
1.) Who are Relevant Life Expert and what do you do?
Relevant Life Expert is made up of a team of dedicated protection advisors with a combined experience in contracting, and the unique challenges that come with it, that spans over 30 years. We’re dedicated to delivering business owners, Contractors and families access to outstanding life cover in a tax-efficient way.
2.) Who are your typical customers?
Contractors! Over our time as protection advisors, we found that Contractors were a group of individuals who found it especially challenging to secure the protection they wanted because of their fluctuating salary. We knew we could help, so have focused all of our attention on making the process of securing peace of mind completely hassle-free for Contractors across the UK.
3.) How can you help contractors and why should they seek your help?
There’s no denying that it’s easy to find cheap life insurance within a few minutes on a price comparison site but, what you won’t get by doing it this way is bespoke advice that’s directly relevant to you and your circumstances. The first part of our journey of working with you is listening. We work hard to understand your lifestyle, budget and what needs to be covered, then we do all the hard work of speaking to market-leading providers for you before presenting our recommendations back to you at a time that is convenient.
Not only that but as a Contractor and Director of a LTD company you can make paying for your life insurance tax-efficient by choosing a Relevant Life Insurance policy. Put simply, Relevant Life Insurance moves the cost of your life insurance policy from your pocket to your company expenses & the taxman – saving you money.
4.) Do people underestimate the importance of life cover today?
Absolutely. It’s a great irony that we insure everything under the sun except ourselves when we are the only thing that isn’t replaceable! It’s a hard thing to consider but the best way to understand the value of life insurance is to imagine what would happen to your loved ones if you were no longer around. Would the mortgage be paid? Would the lifestyle your family is used to be implicated? School fees? Child care costs? Bills? Trust us, what you provide for your loved ones is deeply valuable and, because of that, you are 100% worth insuring.
5.) With your collective background in contracting, what do you see as some of the defining factors that will affect contractors in the next few years?
Overwhelmingly, the biggest change we see as likely to influence the contracting sector is related to IR35. Last year HMRC introduced ‘off-payroll’ rules to the public sector and it’s likely that they will do the same for the private sector in the next year or so. The implications for Contractors are quite something, with fears that excessive taxation and Contractors being forced into false-employment will be actualised. Our partner, Contractor Calculator, provide a wealth of information on the topic if you want to find out more.
6.) How can customers get in touch with you?
We’d love to give you advice on how best to protect yourself as a Contractor – and be tax-efficient as you do – just follow the link to request a quote and we’ll be in touch to book you an appointment with one of our expert advisors. We look forward to hearing from you!