Business Protection, Keyman and Shareholder
or Partnership Insurance Contracts
What is business protection?
Business protection could help client owned businesses continue to trade should a key person or business owner die or become terminally or critically* ill. Proceeds from the policy could help ensure that key individuals are replaced, corporate debt is protected and shares from the deceased partner’s/director’s estate are purchased.
Many believe arranging business protection to be a lengthy and complicated process. But actually, the principles are similar to any other type of protection. *If critical illness cover is chosen as an additional option.
Relevant Life Insurance
A Relevant Life Plan is a term assurance plan available to employers to provide an individual death in service benefit for an employee. It is designed to pay a lump sum if the employee dies whilst employed during the length of the policy. It will also payout if the employee, whilst employed, is diagnosed with a terminal illness as long as the definitions are met. A Relevant Life Plan is paid for by the employer.
Keyman Insurance
This is a life assurance policy taken out by a company covering an employee’s sudden absence from the business due to death or illness.
By having Keyman Insurance in place the company could survive the financial loss of a key individual. The money from the policy could be used to provide compensation for the loss in profits as a result of the keymans’ death or illness. This would allow the company time to train another employee to take over or recruit a new suitably qualified applicant.
What is business protection?
Business protection could help client owned businesses continue to trade should a key person or business owner die or become terminally or critically* ill. Proceeds from the policy could help ensure that key individuals are replaced, corporate debt is protected and shares from the deceased partner’s/director’s estate are purchased.
Many believe arranging business protection to be a lengthy and complicated process. But actually, the principles are similar to any other type of protection. *If critical illness cover is chosen as an additional option.
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