There is a wide range of Business Protection products available and before you can compare policies it’s important to understand which form of insurance will best suit your own particular circumstances.
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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) and can cost up to 60% cheaper than a traditional life policy.
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Key man insurance is simply life insurance on the key person in a business. In a small business, this is usually the owner, the founders or perhaps a key employee or two. These are the people who are crucial to a business–the ones whose absence could sink the company.
It allows you to
Replace lost profits.
Repay any loans taken out by the key person.
It helps with recruitment and training costs for replacement staff.
It allows you to meet ongoing expenses whilst the level of sales recovers.
It facilitates payment for outside consultants or expert advice.
Stay in control of your company in the event of a Keyperson falling critically ill or passing away.
In the event of a business owner dying or being diagnosed with a terminal or specified critical illness, share protection can provide a lump sum to the remaining business owners.
This means that in the event of a valid claim being made during the length of the policy, the lump sum could be used to help purchase the deceased director members interest in the business.
Stay in control of your company in the event of a Sharholder falling critically ill or passing away.
Castlebank Financial Planning was founded by experienced industry advisers with the goal of offering high-quality independent business contingency plans.
We pride ourselves on providing comprehensive and accurate solutions for all of our clients no matter how large or small their business; or simple or complex their needs.
What about the tax treatment?
Business owners are keen to understand the tax treatment of Business Protection premiums and proceeds, but the rules aren’t always straightforward. We will outline to you on what options are available in the treatment of premiums and benefit proceeds
Whether you already have Business Life insurance or would like to explore more possibilities for your business protection, a free insurance review is a great way to take the next step.