Types of Business Protection
This policy will provide a lump sum of money in the event of death to a shareholder in the business. This would allow the remaining directors to purchase the shares back from the deceased's estate that may ordinarily be passed on to the surviving spouse or children who may not be suitable shareholders in the business.
Key Person Insurance
A Key Person is someone who is so important to the business that if that person were to die then the business would suffer financial damage. A Key Person policy will provide a sum of money for the business that can be used to replace lost income or to recruit and train a replacement.
Relevant Life Insurance
This is a tax-efficient life insurance policy, allowing companies to insure any salaried directors. It’s set up by the company and the premiums are paid for from pre-tax profits. It pays out a tax-free lump sum on the death of the person insured with the proceeds going directly to the family or financial dependants of the person insured.
Income Protection Insurance
This is a policy that can insure business owners as well as key employees and provides a monthly tax-free payment that can be used to continue to pay for living expenses in the event of injury or illness that prevents the insured from working for a period of time.
These policies can provide employees with a death in service benefit, Private Medical Insurance or both. A death in service benefit will provide a tax-free lump sum of money to the employees family in the event of their death. This benefit could act as a reason to increase employee retention rates. Private Medical Insurance can cover any number of people within the business from directors to administration staff and provide private medical treatment for a wide range of conditions. This policy does not provide any lump sum of money to business, but it can mean that your staff will be treated quicker, ensuring less time off work and minimal impact to the performance of the business.
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