Everything You Need To Know About Relevant Life Policy –

The Relevant Life Cover is highly beneficial for an employee. Any employee of a company including and especially the directors can be a part of it. Apart from a company, an employee of a partnership, a charity, a sole trader can opt for this policy. Before you opt for Relevant Life Policy, one has to know all the details about the cover and various relevant life taxation rules. The following a detailed guide all the rules and norms of the policy.

Qualification Rules –

A person must be under the age of 75 years to be eligible for relevant life cover. As a matter of fact, the policy pays the sum assured and other benefits to a person who is before the age of 75. The traditional policy pays the lump sum amount only on death and not during a serious illness. But there are certain modern relevant life policies available that cover serious illness as well. There is no surrender value in the policy. If a company stops paying the premium of the policy, the policy is suspended. Furthermore, the amount payable in the policy on death will be paid only to the individual family member or a charity. Multiple persons or family members cannot claim it. Apart from the usual benefits, there are various tax benefits the policy offers and one needs to know the relevant life taxation rules before opting for it.

Taxation Rules –

As long as the premium of the policy is paid exclusively for the business purposes, the employer can enjoy corporation tax benefits on the payments. There is no need for payment of national insurance contributions from the employer or the employee’s side. There will be no inheritance tax on the pay to the family member in case of a mishap. The payments and benefits do not fall under annual or lifetime pension allowance. As it is a benefit in kind, there is no tax levied on the policy payment. The payment of the premiums falls under tax-free business expense. The amount can be free of income tax, capital gains tax, corporation tax, and even National Insurance tax.

The policy can cover in multiple times of the remuneration of the employee. The remuneration of the employee includes his salary, dividends, and bonuses. It also takes into consideration the age of the employee. The company needs to create a trust for the employee’s benefits as it is a legal requirement for a policy.

Best Alternatives Uses of Storage Units that are Very Uncommon

At times, homes and offices are not that spacious to incorporate everything in it. Thus, it is highly impressive to know what you can do with the small box-like space when you look forward to having more some space and to add little creativity in the same. Having a self-storage unit in this context would be an excellent example in this regard.

It would be beneficial to keep in mind that how you use a unit entirely depends on your requirements and what the storage service provider allows you to store. This post will offer a brief insight into some of the unique alternative uses of the self-storage units so that you avail some more space.

  • Art Studio

Often it happens that artists burst with creativity but they lack adequate space to express themselves?  In most of the occasion, they look forward to having personal space where artists can work without any interruption. Using self-storage units as a personal art studio is indeed one of the best ways to tackle all the limitations. It would be an incredible idea to store all the relevant equipment as well as supplies that are not frequently used.

  • Hobby Space

The range of hobbies varies from person to person and people often lack a shed. Whether a person looks forward to having a hobby space with the pool table or a space with a huge collection of books and a comfy couch to curl up, storage unit could be a perfect hideaway where people can have quality time in the midst of the favorite things.

  • Music Space

Most of the college goers and even people that have chosen music as their profession lack space for rehearsals. The situation gets even worse when people are in a band and they alter their location for practicing instruments and to come up with new ideas.

Of course, people can play music anywhere, but it is important to have spaces without any disturbances or should have the freedom to keep the instrument on mute. Storage units near you could be one of the best options to convert it to your private locations for rehearsing as well as recording.

  • Compact Office Space

Some people involve working from home apart from or are self-employed. They need space to designate their work and to get away from the distraction that often takes place at home. Renting storage units for them could be a blissful option as they will have the opportunity to work with best of their abilities. On the top of that, they can even have a customized look in terms of accommodating office supplies.

Picking the Right Storage Option

Readers might get excited about all the possibilities that they can entertain by hiring a self-storage option, but it is important to know how to find the perfect one. It is true that not all the facilities are same and finding the best one might take some time if it is intended for some other usage. Make sure to get in touch with a professional service provider in the vicinity and hire storage units near you to serve the purpose. Of course, it would be important to consider the location before hiring the unit.