Both yulife and yulife lite are designed to be relevant life policies., Relevant life policies comply with certain requirements of tax legislation, which include placing the insurance in trust. In simpler terms there are the tax benefits you'll get:
- employers can normally write some of the cost off against Corporation Tax
- Employers do not need to submit a P11D
- National insurance contributions are not required to be paid.
Please seek your own advice on how to record yulife membership in your payroll and tax systems.