Business Protection: Shareholder and Partnership protection
Length: 1min 20sec
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Mon to Thu: 8am - 8pm
Fri: 8am - 6pm
For Text Phone first dial 18001
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Helping you to protect your business
Without its people, a company’s survival can be at serious risk. At LV=, we’re committed to protecting and supporting UK enterprise, through a range of Business Protection products which offer quality support when your company needs it most.
We've chosen to partner with LifeSearch to offer you independent advice on which business protection products are right for you.
What is Business Protection?
Business Protection helps look after your company’s financial future against the unexpected loss of a business owner or key person. Simply put, it’s life insurance (which can also include critical illness cover) for the life of either someone crucial to your business’s profits, or one or more of your business owners.
Take a look at our Business Protection videos
Business as usual can suddenly become very difficult if one of your key employees, someone the business heavily relies on, dies or suffers a serious illness.
How long could your business survive without them?
Different types of businesses will have different key people. They could be your best performing sales person, a software engineer, one of the business owners.
And the risks associated with losing a key person can include:
Key Person cover is a type of insurance that can protect the survival of your business. It pays out a lump sum if your key employee dies or is diagnosed with a critical illness.
You can use the money to:
Key Person cover can give your business the breathing space needed during a period of instability and uncertainty.
To find out more, please speak to your financial adviser.
If you’re considering death in service life insurance for your employees then Relevant Life cover could provide a smarter tax efficient and flexible solution for the business and your staff.
Relevant Life cover is a type of life insurance that allows companies to offer death-in-service benefits to employees and directors the company pays a salary to. Its set up and paid for by the company and then placed in trust for the employees chosen beneficiaries.
If the employee dies during the policy term, the insurance pays out a tax free, lump sum amount of money via the trust to those chosen people.
Benefits of Relevant Life cover include:
Premiums are usually treated by HMRC as a tax deductible business expense. This means they can usually be offset against the company’s corporation tax making it a tax efficient way to offer staff life insurance, and the premiums don’t form part of the employees remuneration or benefits package. So they don’t have to pay income tax from National Insurance contributions on the premiums.
Because the policy is placed in trust any money paid out shouldn’t form part of the employee’s estate for inheritance tax purposes. Also because the money is paid via a trust it can be paid very quickly, helping ensure your employees families and loved ones are looked after when they need it most.
For more information on this type if death-in-service life insurance for your employees, please speak to your financial adviser.
Need help?
LifeSearch will guide you through the different choices and help you make the right decision for your business and personal needs.
With a range of extras included, we’ll make sure things are a little easier
Need advice?
We've chosen to partner with LifeSearch to offer you independent advice on which business protection products are right for you.
Mon to Thu - 8am - 8pm Fri 8am - 6pm
For Text Phone first dial 18001
Calls will be recorded and may be monitored for training and audit purposes.