Let the tax man help pay for your life cover. This could suit paid directors, business owners and other employees. The company makes the payments, they’re not treated as a benefit in kind, so they wouldn’t be included in your income tax. This can be a significant saving, particularly for a higher rate taxpayer.
Key Person Income Protection
This pays your business a regular monthly benefit, if due to accident or sickness, the life assured becomes unable to work. This benefit can then be used to either help pay for a replacement employee or help to cover the loss of profits.
The loss of a partner member or shareholding director can have a major impact on the success of a business in terms of ensuring continued control for the remaining owners.