PLAN, PREPARE AND PROTECT YOUR BUSINESS
It’s not unusual for organisations to insure company assets such as machinery, buildings and even intellectual property. And yet, very often, the most valuable business resource – people – remain unprotected.
The consequences of losing key team members through death or serious illness can be huge and, in some cases, mean the business would cease to exist.
We offer solutions to help plan, prepare and ultimately protect businesses and their owners.
KEY PERSON PROTECTION
Losing a valuable colleague can impact enormously on an organisation. Key Person Protection gives a business time to recover.
The life assurance policy, owned by the business, insures a key employee’s life against death or serious illness. In the case of a claim, the proceeds are paid to the business to compensate for the financial loss and/or increased costs. Usually it’s a lump sum, but it can be an income.
SHAREHOLDER AND PARTNERSHIP PROTECTION
Following the death of a shareholder or partner, the ongoing control of a business needs to remain in the right hands.
Shareholder and Partnership Protection ensures funds are available to remaining shareholders or partners to purchase business shares from personal beneficiaries.
Critical Illness cover can also be included to pay out if a shareholder or partner is diagnosed with a serious or life-threatening illness and wants to sell their shares.
RELEVANT LIFE PLAN
Although not Business Protection as such, a Relevant Life Plan is paid for by a company as an allowance expense.
Designed to provide a tax-free lump sum to dependents if the insured person (an employee) dies, it can provide Death in Service benefits to directors, meaning dependents are protected.
It’s also a solution for businesses wanting a group scheme but with too few employees and an attractive option for high earning individuals looking for lump-sum benefits that will not affect their Pension Lifetime Allowance limit.