Key person protection can cover one or two nominated individuals, who can be a partner or an employee. If they die or are diagnosed with a terminal or critical illness, we'll pay a lump sum either on death or shortly after the diagnosis of a disease. If they are absent from work for a long time, we'll pay a regular income for a pre-selected period.
Business Protection also offers two different income protection benefits.
- The first protects the business against the loss of a key person.
- The second protects the earnings of valued employees when illness or accident strikes.
You can choose the level and duration of cover which suits the priorities of your business, and you can increase or reduce these at any time. You can also add or reduce both main and additional benefits, change the frequency of payments and choose between five deferred periods after which we'll pay benefits.
In addition, we offer the unique tailored business loan protection benefit, which allows you to structure loan protection the way you want to.
What can benefits be used for?
This money can be used to:
- fund a permanent or temporary replacement
- tide the business over a period of reduced activity
- contribute to medical care to speed recovery
- repay an outstanding loan
Common questions
Is tax relief available on premiums?
What are the underwriting limits for this type of policy?
Further information... Who should I talk to?
Speak to your financial adviser to find out more. If you don't have an adviser, the IFA Promotion Service or the Society of Financial Advisers can help you find one.