Often people do not take the time to consider what may happen to their business if something were to happen to them or their key people. Very often these people are the driving force of the business, without them it would be very hard for the remaining directors and staff to maintain current levels of turnover and profit, taking time and investment to rebuild the company.
Depending on the type of business you run, there are a number of solutions available for you to protect your business:
Share Protection
Key Person Protection
Partnership Protection
Loan Protection
Income protection Schemes
Death in Service Schemes
Many companies think that death in service schemes are only available to large businesses, which is not true. In recent years protection policies can cover most businesses, benefiting the employer and employee and the self-employed. This is both tax efficient for the business and the individual employee.
Protect Ins Ltd have an in-depth experience of advising on business protection and would be happy to discuss both the protection of your health and that of your business, to ensure that the future of you and your company or partnership is as secure as you would wish them to be.
A Relevant life policy is a death in service arrangement, which provides a lump sum on the death traditionally for Directors of Ltd companies, Employees of a company or for high earning individuals. Self Employed can also be included in this type of policies.
It is a tax-efficient benefit which can be payable to the Director/Employee’s dependents through an appropriate discretionary trust.
Relevant life policies are an alternative to group life schemes for small businesses that do not have enough eligible employees to warrant a group life scheme. They can also be used to provide high earning employees, who already have substantial pension funds, with a lump sum on death that will not form part of their pension lifetime allowance.