To compare relevant life policies from Bright Grey, L&G, Zurich etc.. you will need to speak with one of our highly trained advisers on 0800 024 8685 or 01202 714177 (Usually cheaper from mobiles).
Take a look at the brief summary and fantastic video below produced by Bright Grey who offer competitive and flexible relevant life plans.
A relevant life policy is a stand-alone single life policy. It's an alternative way for employers to give death-in-service benefits to their employees outside of a registered group life scheme.
Who are relevant life policies aimed at?
Small businesses that don’t have enough eligible employees to warrant a group life scheme.
High-earning employees who have substantial pension funds and don’t want their death-in-service benefits to form part of their lifetime allowance.
How do I qualify?
The policy must
- Only provide a lump sum death benefit payable before the age of 75.
- Only be payable to an individual or a charity.
The policy must not
- Provide any other benefit.
- Be capable of having a surrender value
- Be used mainly for the purpose of tax avoidance.
What are the advantages?
- The benefits won’t form part of the employee’s lifetime pension allowance.
- The payments made won’t form part of the employee’s annual allowance.
- The payments employers make aren’t subject to income tax because they’re not normally assessable on the employee as a benefit in kind.
- These payments can be treated as an allowable expense for the employer in calculating their tax liability, as long as the local inspector of taxes is satisfied they qualify under the ‘wholly and exclusively' rules.
- In most cases the benefits are paid free of inheritance tax – provided they’re payable through a discretionary trust.
Can you give me more information?
Please call us to talk about relevant life plans on 0800 024 8685 or 01202 714177 (Usually cheaper from mobiles).
Please also take time to watch this excellent video by Bright Grey which outlines this cover.