Business Protection and Relevant Life plans

Business Protection Plans

Business Protection plans assist businesses to continue to run, following the death of a key person, by helping to cover the expense of hiring and training replacement staff.

Alternatively, a Business Protection policy will help partners, directors or members buy a deceased persons share of the business from the estate of the deceased person.

We offers two protection products:

  • Key person protection: Helps protect the business against financial loss caused by the death of a key person
  • Share protection: Helps partners, directors and members buy a deceased person's share of the business
     

Relevant Life Plans

A Relevant Life plan is a term assurance policy available to employers to provide an individual death in service benefit to an employee.

A Relevant Life plan is suitable when an employer has too few employees to have a group scheme. The plans offer tax efficient benefits for the employer.

Terminal Illness

All Business Protection and Relevant Life Plans include Terminal Illness Cover. This will pay out a guaranteed tax-free lump sum to the value of the sum assured if your client is diagnosed with a medical condition which is expected to cause death within 12 months where the diagnosis is agreed by our Chief Medical Officer.

For term policies, the diagnosis must be made whilst there are more than 18 months before the policy expiration date for the claim to be valid.