Have you considered this impact and how long it would take for the business to recover from such a loss, compared to your material assets? Many business owners fear they may not be able to trade beyond 12 months. So, ask yourself, how might your company suffer if it lost someone?
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Key Person Insurance and Shareholder Protection Plans offer access to a life insurance only or life and critical illness cash lump sum. These would be paid to the business should the individual pass away or be diagnosed with one of the critical illnesses noted by the insurer.
With Shareholder Protection, business owners receive financial support to buy a deceased or incapacitated shareholder's share, ensuring control of the business stays with the surviving partners.
A Relevant Life Plan acts as a single death-in-service benefit. If the insured passed away, their next of kin would receive a financial lump sum to support them. These plans are often used when cover is required for just one or two employees or to top up an existing Group Life benefit.
Instead of rolling out income protection to the business on a group basis, an Executive Income Protection scheme can be offered to just one or two individuals. This income protection will provide a replacement income should that individual become incapacitated through sickness or injury.
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