Group Life Cover
Group Life Cover provides financial support if an employee dies. It is often provided as part of a pension arrangement, but can also be a stand-alone benefit which pays out to trustees to provide financial support to an employee’s dependants. If you’re considering offering this benefit, it does of course have positive tax implications for your staff, and is an allowable business expense.
Key man insurance
In all businesses there are people who are critical for its success and financial stability. These could be directors or partners, shareholders or essential staff. Most businesses have cover to protect their buildings and equipment so that they can cope financially if important assets are damaged or destroyed. Key man insurance can provide financial support if the worst happens to the people who are important to your business.
Benefits:
- Reassurance that if someone vital to your business becomes critically ill or dies, the business will receive some financial support to recover its position from that loss.
- Flexibility to increase, reduce or change the cover to meet the changing needs of your business.
All businesses should consider some type of life insurance whether it’s life cover, critical illness cover or executive income protection, as it could potentially provide financial support at a difficult time and could help your business to stay afloat.
