Life insurance pays out to your dependents should you die. Many businesses use it as a low-cost retention incentive – employees pay no benefit in kind tax.

Lump sum or a regular payment over a specified time or the ‘whole of life’, the choices are endless. We’ll help you decide.

All life insurance policies require completion of a medical questionnaire. Should you have a complex history, you might prefer a guaranteed life insurance policy, which will even pay out a surplus if you die within two years. It’s a sobering thought, but necessary stuff to protect your family.

As an employee benefit, critical illness insurance is an excellent choice. Should they have a serious illness such as cancer or stroke, but not die, they receive a tax-free lump sum to cover lost income and the cost of treatment.

Of course, you can take out a personal critical illness policy too, giving you exactly the same level of assurance. Know it’s there if the worst happens.

A useful way to support employees with their health costs is the provision of cash plans. They enable cashback to help with dental, optical, and other healthcare costs. Well person checks can also be part-funded using a cash plan.

Not only is this a great benefit, it keeps your team healthier too. Personal policies are also available.

You never know when life will throw you a curved ball. 2020 has been proof of that. Group income protection financially supports your employees should they become seriously ill or suffer an injury. After a deferment period, payments amounting to a percentage of income kick in, helping to get them back on track.

Personal policies are also available, and you can tailor them to suit your budget. Once it’s in place, you’re never on your own.

What happens to a shareholder’s portion of the business if they die or become critically ill? Without shareholder protection, the shares are likely to end up with their next of kin, or worse still, sold to a third party.

When you have multiple shareholders, this insurance provides a lump sum so the remaining partners can buy the shares back, keeping control of the business. Your business doesn’t derail and the next of kin receives a cash payment.

If you have outstanding borrowings such as loans or a commercial mortgage, loan protection will repay them if you or another business owner dies or suffers a critical illness. It provides peace of mind from unwelcome events.

Should a key employee die or become seriously ill, key person insurance pays out a lump sum to support the business. You can use this to help with the unexpected recruitment and employment costs.