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There are always key individuals that make big contributions to the success of a business. So losing one of them can have a serious impact on the financial health of the business.
If a business owner dies or suffers a terminal illness, their share of the business usually passes to their beneficiaries. To regain control of that share, surviving business owners may need to buy that individual’s part of the business.
If a business owner dies or suffers a terminal illness, lenders may have the right to demand that any outstanding loans are paid back. These could be difficult to pay off at short notice.
A Relevant Life Policy is a tax-efficient alternative to a “death in service” benefit that allows you to pay your key employees’ family a cash lump sum if they die while employed by your company.
Having a serious illness is not something we ever like to think about. We hope it will never happen to us.
What would happen if you were too ill to work?
Protect the health and well-being of your staff, improve productivity, and reduce absenteeism through fast access to private treatment.
15th November 2022
1st December 2020
1st December 2020