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As a business owner, securing life insurance through your company can provide numerous benefits, including tax efficiency, asset protection, and valuable employee benefits. By working with Xwills.com, you can seamlessly integrate your life insurance policies into your comprehensive estate plan, ensuring that your wishes are carried out and your loved ones are protected.
Xwills.com partners with FCA-registered providers to offer specialised relevant life insurance products designed for small businesses. These policies provide tax-efficient life insurance coverage for directors and key employees, allowing your business to offer attractive benefits while minimising tax liabilities.
By leveraging relevant life corporation tax relief, your business can deduct premiums paid for relevant life insurance as allowable expenses, reducing your overall tax liability. This tax-efficient approach benefits both employers and employees, providing comprehensive coverage while ensuring substantial savings.
Consider a small business with an annual profit of £50,000. By paying £1,000 in relevant life insurance premiums for a key employee, the business can deduct this expense from its taxable profits, potentially saving £190 in corporation tax (assuming a 19% tax rate). Additionally, the employee benefits from the life insurance coverage without incurring any income tax or National Insurance contributions.
When creating your will with Xwills.com, it’s essential to consider how your life insurance policies will be integrated into your estate plan. By specifying the details of your life insurance policies within your will, you can ensure that your intentions regarding the distribution of the proceeds are clearly outlined.
To further protect your loved ones and streamline the distribution of your life insurance benefits, Xwills.com recommends establishing a separate life insurance trust. By placing your life insurance policy in a trust, you can potentially expedite payouts, minimise tax burdens, and maintain control over the distribution of funds.
In addition to integrating life insurance into your will, Xwills.com offers a wide range of estate planning services to safeguard your assets and legacy. From drafting wills and trusts to providing guidance on inheritance tax planning, our experienced team is dedicated to helping you achieve your estate planning goals.
As a valued client, when you take out a relevant life insurance policy with one of our FCA-registered partners, you qualify for a 50% discount on our will-writing services. This exclusive offer allows you to create a comprehensive estate plan that incorporates your life insurance coverage, ensuring that your wishes are honoured and your loved ones are provided for. See more in our article on Leaving a Business in a Will
Navigating the complexities of life insurance and estate planning can be challenging. That’s why Xwills.com is committed to providing expert guidance and support throughout the process. Our team of qualified professionals, all full members of the Society of Will Writers, is dedicated to understanding your unique needs and crafting personalised solutions.
Co-Founder, CEO and Senior Will Writer at Xwills.com
Andrew Walters is the co-founder and CEO of Xwills.com, an estate planning firm that combines technology with personalised customer service to elevate the will writing experience. As a full member of the Society of Will Writers, Andrew is committed to upholding the highest professional standards in the field.
Driven by a passion for providing comprehensive support to clients, Andrew pursued formal qualifications in will writing and estate planning. This journey led to the establishment of Xwills, where he and his team fill a gap in the market by offering a tailored alternative to online-only will writing services.
At Xwills, Andrew ensures that each client receives the time and attention needed to understand their specific requirements. He strongly believes that something as important as writing a will should not be rushed or done without expert guidance.
As a member of the Society of Will Writers, Andrew adheres to their code of practise and continues to expand his knowledge through annual training.
His expertise, combined with Xwills’ commitment to customer service, positions him as a trusted resource for those seeking to protect their legacy and provide for their loved ones.
With his dedication to professionalism and personalised service, Andrew Walters is setting a new standard in the estate planning industry.
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