Heath/Life Insurance - Financial Query - New Employer

[PD9]

I'll soon begin a new role with an overseas company, as part of my negotiations I've requested full family private health care and life insurance, I had this through my old company. They are willing to support that request, however, they've asked me to seek out a policy and pay for it myself, in turn they'll add the annual cost to my salary. They don't offer company plans as they are not as large as my previous employer.

I'm in the high earner tax band, so this will push me into it and I'll have to shift more to avoid the 60% tax trap. Also if I leave in say 5 years, I'll have the plan to pay myself to see the year out. Could I ask the company pay for this directly to avoid that or is it better to pivot accordingly? Also the implications of BIK from the company paying for it directly on my behalf.

Does anyone have experience of being in this situation and what is the best route to take? Trying to weight up the pros and cons.

[Insurancejon]

we can arrange a corporate plan for them to pay for just you and your family. its not difficult.

drop me a pm if interested.

[alscar]

Might be easier to just sort yourself and do as they suggest providing each year you can also get your salary uplifted to cover any premium increases ie both sides know what the separate PMI premiums are.
I’ve used Clarity Health as a broker a number of times and very good service.

[Countdown]

PD9 said:

I'll soon begin a new role with an overseas company, as part of my negotiations I've requested full family private health care and life insurance, I had this through my old company. They are willing to support that request, however, they've asked me to seek out a policy and pay for it myself, in turn they'll add the annual cost to my salary. They don't offer company plans as they are not as large as my previous employer.

I'm in the high earner tax band, so this will push me into it and I'll have to shift more to avoid the 60% tax trap. Also if I leave in say 5 years, I'll have the plan to pay myself to see the year out. Could I ask the company pay for this directly to avoid that or is it better to pivot accordingly? Also the implications of BIK from the company paying for it directly on my behalf.

Does anyone have experience of being in this situation and what is the best route to take? Trying to weight up the pros and cons.

from a tax point of view I'm fairly sure it's classed as a taxable benefit so it would be included in your P11d and HMRC would recover the underpaid tax by adjusting your personal allowance.