What is business life insurance?
Business life insurance is an umbrella term for a number of different insurance policies that business owners can take out. Here are the most common:
Death in service - If an employee dies while in your employment, this policy pays a lump sum to their family.
Keyman insurance - This policy protects a business from any financial consequences should a key member of staff die, such as a board member
Relevant life insurance - Similar to ‘group life insurance’ although this policy applies when there aren’t enough staff members for group.
It is a tax-efficient life insurance policy for board members.
Shareholder protection - If a shareholder dies, this policy pays a lump sum to the company so remaining shareholders can purchase their