Relevant Life Insurance

We have a Relevant Life Insurance policy for the directors of our limited company.
However, our accountant has recorded the monthly premium payments as a loan to the directors, rather than as a business expense.
We would like to confirm whether this treatment is correct and whether the premiums should be classified as an allowable expense for the business.

Hi harmonious
Please refer to the following guidance at: BIM45525 - Specific deductions: insurance: employees and other key persons - HMRC internal manual.
You will need to speak with your tax advisor for more specific advice in relation to the insurance product you have.
Thank you