The importance of a Relevant Life Policy is being slowly realized by employers of small companies. Until a few years back if these employers wanted to provide Insurance benefits to their directors or to other employees, they had to establish a death in service scheme that was subject to strict tax rules. In this scenario, the Relevant Life Policy has proved to be a huge boon for these employers. Before going into further details, it is important to mention that these policies can only be availed by employers of small companies that do not have the required number of workers to justify a Group Insurance Scheme.
Bright Grey is a leading insurance carrier in the United Kingdom which has earned a good reputation for itself in the market owing to the impressive range of insurance schemes provided by it, including the Bright Grey Relevant Policy. Let us learn more about it:
Benefits of Bright Grey Relevant Policies
It provides a protection policy on a standalone basis for separate individuals in the concern
For beneficiaries who are less than or equal to thirty nine years of age, the policy will be enough to cover 20 times his annual pay
For beneficiaries who are more than or equal to forty years of age, the policy will be enough to cover 15 times his annual pay
The premiums of the Relevant Life Policy are not subject to tax restrictions as they are benefits that are not paid in kind
High earning employees can keep this death in service benefit separate from their pension allowance as their pensions are high enough to sustain them
Employers availing the Relevant Life Insurance for their employees should choose Bright Grey’s Relevant Life Policy Trust as there are certain advantages:
The trust acts as a huge advantage for the nominees in the event of the beneficiary’s death. The presence of a trust, here, implies that the money is put at the right place, at the right time, to be distributed amongst the right people. In the event of the death of the beneficiary it becomes very difficult for his family to obtain the money if the plan is not well written in a trust. The family then has to secure a grant of representation to be able to get on further with the plan. The entire probate period can be painfully long whereby the deceased’s family might face a lot of financial hardships before being able to get the money. All this can be avoided by putting the money in the trust whereby it becomes easier for the company to pay up faster.
How should you approach a Bright Grey Relevant Policy?
Before taking a Relevant Life Policy from Bright Grey please visit its website and find out about its features
Take help of the Relevant Life Calculator here. It is a very easy process whereby you will be able to demonstrate the difference between costs of a plan availed through a Relevant Life Policy and those which would have been borne by them in case they paid for the premiums of a traditional Life Insurance. You just have to enter the relevant tax rates and premium in order to get the desired calculations.
Try to browse through some informative posts on the services and dealings of this company. Read what the public has to say about this company, before investing.
Thus you are ready for a worthy deal ahead.
Author Bio: Sam Payn’s columns on several aspects life insurance have been quite popular among readers for some time. The new developments in this area have induced him to publish his own weekly blogs on a regular basis.