According to Benjamin Franklin there are only two certainties in life - death and taxes.

Both subjects, but especially death we prefer not to think about, let alone discuss.  It’s maybe therefore not that surprising that according to research from Direct Line, many families are not adequately protected.  For example, only around 40% of the UK’s main income earners have enough insurance to repay the mortgage if they were to suddenly pass away, never mind other household costs.

So let’s talk about Life Insurance.    You need it if:

  • You have any debt and would you like this to be repaid on death
  • You have dependents who need to be protected if you were to die
  • You are planning to take on debt or start a family in the future. 


When is the best time to organise it? 

Life insurance premiums are based on a person’s age and health.  The younger and healthier you are, the lower the cost and the easier it is to get insurance.  Therefore (subject to affordability) it is usually advisable to put cover in place now, because in the future premiums are likely to be higher and any deterioration in your health may even exclude you from being able to get insurance.


And do you know about Relevant Life Cover? 

If you run your own business, you can get help from the taxman to put your protection in place. Relevant Life Cover is a tax efficient way for an employer to provide life cover for an employee.

Premiums and any benefits paid are eligible for relief from:

  • Income Tax
  • Corporation Tax
  • National Insurance Contributions

If you have existing plans in place but not written under Relevant Life terms it could be worthwhile reviewing to ensure you have adequate cover in place, that it’s set up at the lowest cost premium and it has been arranged in the most tax efficient manner possible.

At this point you may wish to consult with an Independent Financial Adviser who can help you to put a clear plan in place and recommend the most suitable arrangement for your circumstances.



Navigate Wealth are Independent Financial Advisers who offer advice on Pensions, Investments and Family Protection.  Richard Bamforth the firm’s Managing Director has over 30 years industry experience and is a Chartered Financial Planner, which is the highest recognised qualification in the industry.

If you would like to have a free initial discussion in relation to your protection needs or any other financial matter, please contact Richard or one of the team on 0345 340 9690 or email   

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