Shareholder protection can help by setting out how shares are to be managed if a shareholder passes away.  The policy can also include critical illness and is taken out on the lives of each shareholder by either fellow shareholders, or the business.  Should a shareholder die or become critically ill, pay-outs can be used to purchase the shares of the holder.

The plan will have no cash in value at any time, and will cease at the end of the term. If premiums are not maintained, then cover will lapse.

The policy may not cover all definitions of a critical illness. For definitions of illnesses covered please refer to the Key Features and Policy Documents.

Possibly the most under-used business protection product available, relevant life plans enable large businesses to set up group life plans, providing cost effective life assurance protection for employees and directors alike. This is particularly useful for business owners as it can provide life cover for themselves, paid for by the business with no adverse tax implications (P11d) and in the event of death, the sum assured can be paid without impacting on their estate from an inheritance tax perspective.

Key person insurance is a policy that helps to safeguard a business against the financial impact of death, terminal illness or critical illness of a key person during the policy term. It will usually cover you for recruitment and training costs and well as the value of lost business.

The policy is written on the life of the key person but owned and paid for by the business.

As a business owner how do I help employees to plan for their retirement?

There are a range of potential solutions that will provide both you, and your employees, with tax efficient retirement benefits. This includes auto-enrolment, Small Self-Administered Schemes (SSAS) or group SIPPs (Self-Invested Personal Pension).   SSAS and auto-enrolment advice is regulated by The Pensions Regulator.