Small business protection with benefits for healthy living
Most life insurance adverts target the older generation, whose families would benefit from a lump sum of money. But when it comes to life insurance, no one is exempt. People from every industry and every walk of life should consider the long term benefits that come with having a comprehensive life insurance policy.
Businesses are no exception. Business protection is a critical piece of the puzzle when it comes to planning for every eventuality. It provides a stable anchor during uncertain times, and it can prove to be the cash injection that your business needs to stay afloat in the event of terminal illness or death. To cater to all of our clients’ needs, we offer several different policies including relevant life insurance, shareholder protection insurance, key person insurance, and business loan protection.
Here at Vitality, we offer award-winning cover that is 5-star rated by Defaqto. What’s more, our unique Vitality Programme rewards your employees for living a healthy lifestyle. Our expansive range and excellent customer service track-record make us the go-to provider when it comes to securing your future.
Relevant Life Insurance
This policy is ideal for company directors, high earners, or other relevant and important employees in your business. It boasts an up to 50% tax saving rate compared to an ordinary life policy, and it is available to small, medium, or large companies. This policy is a tax-efficient alternative to a ‘death in service’ payment. Relevant life insurance allows you to pay your employees’ family a lump sum that is not subject to income or inheritance tax in the event of their death.
Shareholder Protection Insurance
Shareholder protection insurance, also known as partnership cover, is designed to protect you if a company director develops a terminal illness or dies. In this situation, the director’s company shares are transferred to their beneficiaries. Shareholder protection insurance mitigates this outcome by providing you with enough cash to buy back the director’s share. We recommend this policy for shareholders that want to stay in control of their business.
Key Person Insurance
This insurance package provides you with a contingency plan in the case that one of your key employees develops a terminal illness or dies. The main benefit of this policy is that it gives you a lump sum to reduce the effects of loss of revenue, which enables you to protect your finances in unexpected situations.
Business loan protection
Our business loan protection policy protects your company’s finances during uncertain times. It focuses on providing protection in the event that your company’s director develops a terminal illness or passes away. This unexpected situation can lead to lenders asking for their outstanding loans to be paid back. Our business loan protection policy gives you a cash lump sum to pay off creditors.
Not sure how to protect your business?
Here at Vitality, we know that small business protection insurance can appear to be unnecessarily complicated. That is why we have a team of dedicated business advisors on hand to discuss your protection needs. If you are struggling to decide between shareholder protection insurance, relevant life insurance, key person insurance, or a combination of our services, our advisors can walk you through the advantages of each policy.
Let us know when you are available, and we will call you back at a time that is convenient for you.