If you are a director of your own company, there are 3 types of Life Insurance for you to consider;
Relevant Life Insurance – this is an insurance policy that is owned for a paid for by the business with the proceeds of any claim being left to your family. By setting your life insurance up in this way there are potential tax benefits on the premiums for your business.
Keyperson Insurance – this is Insurance for any one who is key to the success of the Business so that if they were to die, the Business would suffer financial damage. A Keyperson policy will provide a sum of money for the Business to replace lost income and/or to recruit and train a replacement.
Shareholder Insurance – also known as cross-option insurance. This is used when there are multiple Directors in a Business and allows the Business to purchase back the deceased Director’s shares from their Estate and passed on to someone who may not be a suitable Director in the Business.
We have years of experience in providing advice to Businesses for their life insurance needs. Contact us today to see how we can help you to protect your Business.
Typically life assurance plans have no cash in value and will cease at the end of the term. If premiums are not maintained the cover will lapse.