Business Protection

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Relevant Life

A Relevant Life Plan is a term assurance plan available to employers to provide an individual death in service benefit for an employee. It is designed to pay a lump sum if the employee dies whilst employed during the length of the policy. It will also payout if the employee, whilst employed, is diagnosed with a terminal illness.

It can help smaller businesses attract and retain high-calibre staff by offering them attractive benefits packages that are also tax efficient. By arranging Relevant life, there are tax benefits for both the employer and employee, which are explained below:-

Employer Benefits:

Corporation tax relief (so long as the premiums are wholly and exclusively for the purposes of the business);
No National Insurance contributions to pay on the policy payments paid to fund the Relevant Life policy.

Employee Benefits:

No National Insurance contributions to pay on the policy payments paid to fund the Relevant Life policy;
The policy payments won’t be taxed as a benefit in kind; and
Policy payments and benefits don’t count towards annual or lifetime pension allowances.

Shareholder or Partnership Protection

The loss of a partner, member or shareholding director can have a big impact on the success of a business. It can destabilise the business and can quickly lead to financial difficulties. If one of your shareholders dies or is suffering from a severe illness, their shares will usually pass to their beneficiaries. To regain full control of the business, the surviving shareholders will need to buy the shares back but they might not have the available capital to do this.

Shareholder / Partnership Protection provides a sum of money to the remaining business owners to help purchase the deceased or critically ill member’s interest in the business. It helps the remaining owners to cover the cost and the business in control.

Key Person Protection

Key person cover is a plan taken out by a company on the life of one of its key employees such as an owner, senior director, sales person, or employee with specialist skills or knowledge. Most businesses have certain key individuals who are mainly responsible for a large part of their profits. Losing one of them can have a serious impact on the health of the business.

This type of cover is a part of business continuity plan. It is designed to protect the profits of small and medium size companies in the event of death or severe illness of their key employees. If the key person were to die or suffer from a severe illness, the policy pays a lump sum to make up for any loss in revenue or profits, helping to keep the business on track.

Business Loan Protection

If your business borrows money, it’s understandable you will want cover to repay all, or some of that loan on the death or severe illness of a key person. If you lend money to your own business, creating a Director’s or Partner’s loan account, this may also need to be repaid on death. Some business loans may also have personal guarantees, if the business fails due to the death or illness of an owner or key employee and the business doesn't have the funds to repay them, the guarantee could be used by the bank and put personal assets, including the owner’s home, at risk. Lenders may have the right to demand that the business pays back any outstanding loans and this could be difficult to pay off at short notice.

Business Loan Protection is life assurance (sometimes life or critical illness cover) written on the life of an individual or individuals. The loss of a key person who have guaranteed a loan is particularly serious for a business. This type of protection helps you pay an outstanding overdraft, loan or commercial mortgage, should the guarantor die or become terminally or critically ill (if chosen) during the policy term.

Most types of business loan can be protected, including:

Commercial loans and mortgages;
Venture capital loans;
Directors’ loans; and
Personal guarantees.

We can help you make the most by advising you the right business protection product

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

THE FCA DOES NOT REGULATE WILL WRITING, TRUST, ESTATE AGENTS, COMMERCIAL MORTGAGES, BUSINESS FINANCE, SOLICITORS, SURVEYORS, ACCOUNTANTS, AND DOES NOT REGULATE SOME FORMS OF BUY TO LET MORTGAGES, BRIDGING LOANS, INHERITANCE TAX/TAX PLANNING, AUCTION FINANCE.
FOR WILL WRITING, TRUST, ESTATE AGENTS, COMMERCIAL MORTGAGES, BUSINESS FINANCE, SOLICITORS, SURVEYORS, ACCOUNTANTS, INHERITANCE TAX/TAX PLANNING, AUCTION FINANCE, SECURED LOAN/SECOND CHARGE, WE ACT AS INTRODUCERS ONLY.