Relevant Life Insurance
A Relevant Life policy is a particularly tax efficient way of a business taking out a life insurance policy for the benefit of its employees and directors. It is very beneficial for smaller businesses who don’t have enough employees for a traditional death in service group life policy.
Group Life Insurance
A group life insurance policy which is also sometimes known as a death in service policy, is a life policy which is paid for by the employer for the benefit of its employees. It provides a tax free lump sum payment on death and is usually a multiple of 2-6 times the employees’ annual salary.
Key Man Cover
When a key person within a business dies or becomes ill it can have a huge financial impact on the business. A Key person protection policy can provide a lump sum payment upon death or a regular income should the key person be unable to work due to illness.
Shareholder protection insurance provide a lump sum payment upon death for the protection of the business and its shareholders. The payout funds can be used to buy out the deceased’s share in the business so that the business can continue to trade as normal. Cover can also include critical illness which would also pay out a lump sum.
Business Loan Protection
This type of cover pays out a lump sum payment in the event of the death of the key person in the business and the funds are used to pay off outstanding corporate debt, which may include overdrafts, loans or mortgages.