The right cover for your business circumstances

Key Person Cover

A business needs protection from the effects of the loss of a key employee through death or illness (including owners/managers) as this would have a significant impact on the business financially.
Arrangement is available in two ways:

  1. to provide a regular income if the person is too ill to work or injured
  2. A lump sum if they die or are diagnosed with a critical illness.

Business Shareholder protection Cover

This cover allows you to protect your business from significant impact if a shareholder or partner were to die or be diagnosed with a critical illness.

It allows the surviving shareholders to be in a financial position to “buy” the shares (usually via a “cross option” agreement) from the beneficiaries of any shareholder who has died or suffered a critical illness. This would help ensure control of the business stayed with the business.

Relevant Life Plan

Particularly beneficial for small businesses who have too few employees to warrant a group life insurance scheme, this provides peace of mind for the employee and their family. It is a non-taxable benefit and the cost of the plan is normally an allowable expense for the business which means the business can get tax relief on the premiums paid.

This is a cost-effective route for life cover for employees.

*Please note – tax treatment depends on individual circumstances and can change*.

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