This is an under serviced sub-section of the insurance market, but can provide valuable cover for business owners, shareholders and key employees.
Key areas are: -
- Shareholder cover – to allow co-owners to buy the shares of another in the event of death or critical illness
- Loan protection – as with the case of a personal mortgage, to allow the loan to be repaid in the event of death or critical illness
- Key person protection – what happens if the person responsible for a large proportion of your business turnover is ill or dies?
- Relevant Life Cover - is a tax-efficient life insurance policy, allowing companies to offer a death-in-service benefit to its employees (including salaried directors). It's set up by the company and pays out a tax-free, lump sum on the death (or diagnosis of a terminal illness) of the person insured.
This is an extremely complicated area where advice is essential. We are an experienced team of advisors and would be delighted to help.