Relevant Life Policy, which is an unique method of setting a death in service benefit for employees of small companies, has turned out to be a popular life insurance policy for directors of small companies. Since it becomes difficult to provide traditional life insurance policy to every employee, individually as it is extremely expensive and hectic as well. Well, one thing you need to keep in mind that you must have a few number of employees in your company in order to be eligible for this policy.
Make sure you don’t have the required number of workers for being able to apply for the registered group life scheme.Well, though there are a number of insurance policy types available in the market, Bright Grey is one of the most popular insurance carriers in the United Kingdom. It has drawn a number of insurance seekers in the field of life cover policies, largely due to the advantageous benefits that it offers. Though it is relatively newer in the insurance market, as compared to the traditional life cover policies, this has been extremely popular among the employers.
And Bright Grey happens to be one of the most popular insurance providers due to its trustworthiness and loyal services to the customers.If you are not quite aware about this policy in a thorough fashion, here are some of the salient features, mentioned in detail -This type of policy offers huge tax benefits especially for employees with a high earning.
They can keep these benefits separately from their annual allowances or pensions.If the client is 40 years of age or more than that the insurance will be enough to cover 15 times of his annual salary.Well, if the beneficiary is 39 or even less than that, it is considered that the salary will be sufficient to cover 20 times of his yearly salary.This type of policy offers protection policy for every individuals, who opt for this plan.As the benefits of Bright Grey relevant life policy are paid in kind, they are not subject to crucial tax obligations.
Well, having mentioned the different ways, in which employees are benefited, now let’s look us at how employers, too are benefited from this policy. If the local tax inspector is convinced of the fact that the pay outs are part of the trade expenses. Moreover, the premiums, since they are not considered as benefits in kind, are not subject to taxations.
If you are not quite thorough with the calculation of the premiums of relevant life policy, you can consider using a relevant life calculator. Using this calculator, it is way easier to count the premiums, based on your requirements. You can even use it to demonstrate to your employees in order to show how effective it is to invest in a relevant life cover rather than in the conventional life insurance policies. The relevant life calculator helps you calculate the premiums, based on the type of cover, rate details, process of calculation, taxation charges etc.