A Tax-Efficient Protection
Proposal for Lifting Management Group
Prepared for Craig Speakes and Claire Fekete
by Mike Cooke, Broadbench
Nothing is set in stone. All premiums and cover levels shown are indicative and based on our initial conversations. If you would prefer lower premiums, we can adjust the sums assured, shorten the cover terms, or restructure the package entirely.
Executive Summary
Craig, following our recent conversation I have put together a recommendation for two Relevant Life Policies through VitalityLife, providing life cover for both you and Claire, paid for by Lifting Management Group Ltd as a tax-deductible business expense.
The combined gross cost to the company is £94.47 per month. After corporation tax relief at 25%, the net cost to the business falls to just £3.37 per working day for £1.5 million of life cover across both policies.
Both policies are written into trust, keeping the proceeds outside your estate for inheritance tax purposes and ensuring fast payment to beneficiaries. VitalityLife was selected as the most competitive provider on the market, with the added benefit of the Vitality Optimiser programme which can reduce premiums further over time.
Why Relevant Life Cover?
A Relevant Life Policy is a life insurance plan taken out by a company on behalf of an employee (including directors). It is specifically designed for limited company directors and offers significant tax advantages over personal life insurance.
Corporation Tax Deductible
Premiums are paid by the company as a business expense and qualify for corporation tax relief, reducing the real cost by 25%.
No Benefit in Kind
Unlike personal life insurance paid by the company, there is no P11D benefit in kind charge for the employee.
Paid into Trust
The benefit is paid directly into a trust, keeping it outside the estate for inheritance tax purposes and ensuring fast payment to beneficiaries.
Craig Speakes — Relevant Life Policy
VitalityLife Relevant Life Plan with Optimiser
Quote 36041696 · Issued 28 April 2026
The purpose of the £1 million cover is to clear the majority of your debts and compensate for the loss of your income to the household. On a successful claim, the money is paid directly into a trust, ring-fencing it from tax. The beneficiary (Claire) also serves as trustee, and this is integrated into the insurer's application process.
The policy covers death and terminal illness. It does not cover sickness or critical illness. The policy is transferable: it can be moved to another company or converted to a personal policy paid from net income should the business close down.
Claire Fekete — Relevant Life Policy
VitalityLife Relevant Life Plan with Optimiser
Quote 36041750 · Issued 28 April 2026
Claire's policy provides £500,000 of life cover on the same basis as yours: paid by the company, held in trust, and fully tax-efficient. The same portability and terminal illness provisions apply.
Key Features of the Relevant Life Plan
The following is a summary of the key features from the VitalityLife Relevant Life Policy Plan Summary. The full Key Features Document and Relevant Life Brochure are available in the Supporting Documents section below.
What It Covers
Pays a tax-free lump sum on death or diagnosis of a terminal illness (life expectancy 12 months or less) while the person covered is still employed by the company.
Held in Trust from Outset
The policy is automatically held in the special Relevant Life Policy Trust. Benefits are paid directly to the trustees, keeping the proceeds outside the estate for inheritance tax purposes.
Guaranteed Premiums
Both policies use guaranteed premiums, meaning the cost will only change if you choose to alter the cover amount, term, or Vitality Optimiser status. The insurer cannot increase the rate.
Vitality Optimiser
Premiums can decrease over time based on your Vitality status. The healthier your lifestyle, the greater the potential discount — up to 20% at Platinum status.
Flexible & Portable
You can increase or reduce cover, change the term, or add/remove Vitality Optimiser during the policy. If you leave the company, the policy can be converted to a personal plan.
Cover Term
The minimum term is one year. Cover must end before the person covered reaches their 75th birthday. Premiums are payable throughout the full term of the plan.
Important Information
Exclusion: No claim will be paid if the person covered dies as a result of suicide within 12 months of the start date of the Life Cover, or within 12 months of the plan being reinstated after suspension for non-payment of premiums.
Cancellation: You can cancel the plan at any time. If you cancel within 30 days of receiving your plan details, you will receive a full refund provided no claim has been made. After 30 days, monthly premiums are non-refundable; annual premiums are refunded pro-rata.
Claims: Benefits are paid to the trustees of the Relevant Life Policy Trust. Any cash sum paid out is free of personal income tax and capital gains tax (subject to current tax rules, which may change).
Single Life Only: Only one person can be covered by each Relevant Life Policy. This is why Craig and Claire each have their own separate policy.
Cost Breakdown with CT Relief
All premiums are paid by Lifting Management Group Ltd and qualify for corporation tax relief at 25%. The table below shows the gross cost, the tax saving, and the net cost to the business for each policy.
| Policy | Gross Monthly | Annual Gross | CT Relief (25%) | Annual Net | Daily Net |
|---|---|---|---|---|---|
| Craig RLP (£1m) | £64.81 | £777.72 | -£194.43 | £583.29 | £2.31 |
| Claire RLP (£500k) | £29.66 | £355.92 | -£88.98 | £266.94 | £1.06 |
| Combined RLP | £94.47 | £1,133.64 | -£283.41 | £850.23 | £3.37 |
Net cost per working day (both RLPs)
£3.37
Based on 252 working days per year at 25% CT rate
Total cover provided
£1.5m
£1,000,000 (Craig) + £500,000 (Claire)
Vitality Optimiser
Both Relevant Life quotes include Vitality Optimiser, which rewards healthy lifestyle choices with premium discounts. The more active you are, the greater the discount. Vitality tracks activity through their app and partner devices, and your premium adjusts annually based on your Vitality status.
You also receive significant discounts on health and fitness products: up to 40% off smartwatches, gym memberships, and wellness services. As someone who mentioned getting back to the gym, you are well positioned to benefit from these rewards.
Bronze
0%
premium discount
Silver
Up to 10%
premium discount
Gold
Up to 15%
premium discount
Platinum
Up to 20%
premium discount
Projected Savings: Craig's RLP
Total premiums at Bronze status over the full term: £37,445.76. At Platinum status: £24,198.48. That is a potential saving of £13,247.28 over the life of the policy.
Market Comparison
The iPipeline market comparison below shows all available providers for a £1,000,000 Relevant Life Policy for Craig. VitalityLife's Optimised plan is the most competitive on the market, and the Optimiser rewards have the potential to reduce premiums further over time.
| Rank | Provider / Product | Premium | Type |
|---|---|---|---|
| 1 | VitalityLife Optimised Relevant Life with Vitality Plus Recommended | £64.81 | Guaranteed |
| 2 | VitalityLife Optimised Life with Vitality Plus | £65.39 | Guaranteed |
| 3 | VitalityLife Relevant Life | £86.55 | Guaranteed |
| 4 | VitalityLife Life | £87.40 | Guaranteed |
| 5 | Royal London Business Menu Plan | £92.52 | Guaranteed |
| 6 | Royal London Relevant Life Plan | £92.52 | Guaranteed |
| 7 | Legal & General Business Life | £93.45 | Guaranteed |
| 8 | Legal & General Relevant Life Plan | £93.45 | Guaranteed |
Source: iPipeline Term & Whole of Life Comparison Report, 28 April 2026. All premiums are non-underwritten quotes.
Supporting Documents
Craig Speakes RLP Quote
VitalityLife Quote 36041696
Claire Fekete RLP Quote
VitalityLife Quote 36041750
iPipeline Market Comparison
8-Provider Comparison Report
Key Features Document
VitalityLife Relevant Life Plan Summary
Relevant Life Brochure
A Guide to Relevant Life Plans
Next Steps
Once you are happy with the recommendation, we will proceed with the application. The process is straightforward and involves the following steps:
Application Call
We will schedule a call where I log into the Vitality system and complete the lifestyle, medical, and company details for each application.
GP Report
Vitality will request a GP report to verify the medical information provided during the application.
Nurse Screening (Craig)
A nurse screening appointment will be arranged for Craig as part of the underwriting process for the £1 million sum assured.
Underwriting Decision
The insurer reviews the application, GP report, and screening evidence. Standard rates are expected. Once accepted, the policies are activated.