Partner / Director / LLP Share Protection
Should a shareholding director or business partner die their business interests usually pass into their estate. Having a protection plan in place can provide funds that can be used to purchase these interests from the estate by the remaining directors or partners.
The loss of a business owner may destabilise the business and can quickly lead to financial difficulties. Share Protection means if the worst does happen, the remaining owners could stay in control of the business.
Profit Protection (Key Person)
Profit Protection helps safeguard a business against the financial effects of death, terminal illness, or critical illness of a key person during the policy term.
The loss of a key person may result in reduced sales, loss of profit/turnover, wasted time, recruitment costs, and the disruption of development plans or increased workloads for the remaining staff.
Protecting against this may mean the business is able to re-pay loans, recruit replacement staff or train other staff to step into the key person’s role.
Relevant Life Plan
This is a tax efficient way for an employer to provide life cover for an employee. It can be particularly useful for company directors and high earning employees who have substantial pension funds. It is can also provide benefits to smaller businesses that do not have a group life scheme in place.