Securing your life with a life insurance policy is what most people prefer to opt for since it helps to secure the future of your family members. And if you are the director of a small start-up and have a few number of employees in your company, you, too, would surely like to offer life coverage to all of your employees. But in a situation like this, opting for a relevant life policy is a way better option than to purchase a traditional life insurance policy.
Due to the huge tax benefits that this policies offer, these have become extremely popular among the directors. Since companies that don’t have enough number of employees to apply for a registered group life scheme, this seems to be an ideal solution. Even though this type of policy is comparatively newer in the market, it has been opted for by many employers, especially for its salient features.
Though there a number of companies in United Kingdom, that offer relevant life policies, Bright Grey is one of the most renowned ones. By the wide range of advantageous schemes that it offers, it has drawn a considerable number of customers. It has not been many years, since this type of policies have started gaining popularity among the customers, and Bright Grey has played a significant role in convincing people about the various tax benefits of these policies.
Let us look at some of the key tax benefits that it offers –
- People with high monthly income get to enjoy substantial tax benefits with a Bright Grey Relevant Life Policy. If the client is 39 or lesser years of age, the total amount of the insurance would be sufficient to cover 20 times of his annual salary. Again if the client is aged 40 or even more than that, the total amount of the insurance would be 15 times of his annual salary.
- Well, just like the employees, employers too, can enjoy certain tax reliefs. If the local tax inspector is convinced of the fact that the pay outs are part of the business expenses, the employer gets certain tax relief. Moreover, as the premiums are not considered as benefits in kind, they are not subject to taxations.
Well, having mentioned the exclusive tax benefits of relevant life policy, let’s look at some of the other benefits that this policies offer –
- The relevant life insurances, offered by Bright Grey, seems to be a perfect choice for the employees with high earnings. This is so because they can keep the benefits of this cover separate from the pension funds or the other annual allowances.
- Letter of wishes is another feature that employees get to enjoy. In this letter, the client can clearly mention how he wants his family members use these benefits or for what purposes the money should be used.
- Moreover, the beneficiary can nominate the client who should enjoy the benefits. If the nominee is a child, a guardian must be selected who will receive the benefits and would handover it to the child, after he becomes an adult.