Relevant life policies
Get the taxman to help pay for cover

Most group risk providers are reluctant to write schemes for fewer than 5 members, and then only as part of a registered group life scheme.

Our approach is different. The Bright Grey relevant life policy is a single life, stand-alone death-in-service plan, providing benefits on an individual basis.

There are various advantages to this. For a start, it offers high-earning employees who have substantial pension funds a number of tax advantages.

That’s because the lump sum benefits do not form part of the employee’s annual or lifetime pension allowance.

And although the company pays the premiums, they are not normally taxed as a benefit in kind - which can offer huge savings, especially for a higher rate taxpayer.

So while it's mainly aimed at high earners, a relevant life policy can be suitable for any employee. What’s more, the payments may also be treated as an allowable expense for the employer in calculating their tax liability.

Which means it's also particularly suitable for small businesses that don't have enough eligible employees to warrant a group life scheme.

The Bright Grey relevant life policy
It gets better and better

The Bright Grey relevant life policy provides access to our unique Helping Hand service, which can help employees and their families cope with the trauma of critical illness and bereavement.

It can also provide a ‘substitutes bench’ of temporary or permanent replacements for a key employee should they fall ill or die.