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Since 2006 we have helped
373,466
people compare Protection Insurance quotes.
We would love to do the same for you...
This type of policy (also known as Group Life Insurance) provides cover for all employees across a business in the event of the death of one or more employees, whether working in the business or at any other time. It is particularly advantageous to employees who might struggle to gain life insurance on a personal basis as the underwriting is based on the number and age profile of the employees, not their lifestyle or medical history.
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Features:
Benefits:
It's important for businesses to carefully consider their specific needs, consult with insurance providers, and review policy terms and conditions to select the most suitable group life insurance coverage for their employees.
This type of policy protects businesses financially if a key individual within the business (typically a company director) dies or can no longer act in any capacity with immediate effect in the event of serious illness. It is often required by lenders to cover the full repayment of a loan. It is an important consideration for many small and medium-sized businesses.
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Key Man Insurance or Key Person Insurance is essentially a form of life insurance for businesses. It is generally taken out by a business to compensate for financial losses that would arise from the death or extended incapacity of the key individual(s) of the business specified in the policy, and in turn ensure the continuity of the business.
There are generally three categories of loss for which Key Man Insurance can provide compensation:
As a result, a Key Man or Key Person can be anyone directly associated with the business whose loss can cause financial strain to the business. For instance, they could be a Director of a company, a Partner, key sales people, key project managers and people with specific skills or knowledge which is especially valuable to the company.
This type of policy (also known as Relevant Life Insurance) can provide a complete tax-free solution to life insurance for company directors where both the premiums and the lump-sum payment in the event of a claim are tax-free. The premiums are not classed as a benefit-in-kind and, if the policy is written into a discretionary trust, then any payout is not subject to inheritance tax.
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Life Cover for Company Directors (known as a Relevant Life Policy) is a way of providing death-in-service benefits on an individual basis no matter how small your business is. They are not classed as a ‘benefit in kind’ so no tax is payable on the premiums. In most cases the benefits can be paid free of inheritance tax provided the benefits are payable through a discretionary trust.
If you’re a company director and you already have life insurance in place to protect your family, you could be paying more tax than you need to.
What are the benefits?
What are the advantages of using a discretionary trust?
Are there any limits to the cover I have?
Who are relevant life policies suitable for?
They are not suitable for the self-employed or equity partners, although their employed staff could be covered.
This type of policy helps businesses continue effectively on the death of a shareholder (or a Partner in a Partnership) by releasing a lump-sum that allows other shareholders to buy the shares and provide fair-value funds to the surviving spouse.
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In the interests of financial security, business stability and continuity, it is essential for private limited companies to provide a safety net following the death of a shareholder.
Shareholder Protection is usually put in place to ensure that, on the death of a shareholder, their shares are available for the other directors to buy and there is sufficient cash available to buy the shares.
This is normally done by:
The risk of not setting up some Shareholder Protection are as follows:
For free advice, speak to a UK based adviser on
0333 987 3960* (9am-5pm Mon-Fri)
The telephone service is provided in partnership with BQI Protection Ltd and the quotation service is provided by an FCA-authorised insurance specialist
Death in Service insurance is a type of life insurance policy provided by an employer as part of an employee benefits package. It pays out a tax-free lump sum to the employee’s nominated beneficiaries if the employee dies while still working for the company. The payout is typically a multiple of the employee’s salary (e.g., 2x, 4x, or more).
For expert advice, speak to a UK-based adviser on
0333 987 3960* (9am-7pm Mon-Fri)
Our team of experienced advisers can help guide you through the options and provide access to the best deals in the market.
Employees can nominate who they want to receive the payout in the event of their death. This is typically done through an Expression of Wish form. While not legally binding, employers and trustees usually follow the employee’s wishes. Common beneficiaries include:
Feature | Death in Service | Life Insurance |
---|---|---|
Provider | Employer | Individual (self-arranged) |
Cost | Free for employees | Paid by the individual |
Coverage | Only while employed | Continuous (as long as premiums paid) |
Medical Underwriting | Not usually required | Often required |
Flexibility | Limited to employer’s policy terms | Fully customizable |
A: Your Death in Service cover ends when you leave the employer. You may need to arrange personal life insurance to maintain coverage
A: Some employers allow employees to purchase additional cover, but this is not common. You may need to arrange separate life insurance for extra protection.
A: No, it is not a legal requirement but is offered voluntarily by many employers.
A: Most group policies do not require medical underwriting, so pre-existing conditions are usually covered.
A: Yes, you can nominate multiple beneficiaries and specify how the payout should be divided.
Death in Service insurance is a valuable employee benefit that provides financial security to employees’ loved ones in the event of their death. For employers, it is a cost-effective way to enhance their benefits package and demonstrate care for their workforce. Employees should take the time to understand their cover, nominate beneficiaries, and consider whether additional life insurance is needed to meet their financial obligations.
By offering or utilizing Death in Service insurance, both employers and employees can ensure peace of mind and financial protection for the future.
If you have further questions or need assistance with setting up or understanding Death in Service insurance, consult a financial advisor or benefits specialist.
It is possible to be protected with a life insurance or critical illness policy within 20 minutes provided the insurer does not require a GP report or medical.
A GP report or medical is normally required for large amounts of cover (over £400,000), or if your BMI is over 30, or you have any significant ongoing or past medical issues, or if you are involved in dangerous job or high risk hobby.
Find out how much cover you might need by using our simple online calculator. It will take into account your outstanding mortgage, any loans or credit cards, your monthly income and how many children you have.
Ultimately the right amount of cover is often a balance between what might be an ideal figure and what you can sensibly afford.
We have tracked down the very best protection insurance advisers in the UK to ensure you have access to great advice and the best products from the leading insurers.
Instead of pushy sales people, our advisers offer a more personalised service to guide you through the process and ensure you enjoy lasting peace of mind by making an informed choice.
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This type of policy (also known as Group Life Insurance) provides cover for all employees across a business in the event of the death of one or more employees, whether working in the business or at any other time. It is particularly advantageous to employees who might struggle to gain life insurance on a personal basis as the underwriting is based on the number and age profile of the employees, not their lifestyle or medical history.
Read more
Features:
Benefits:
It's important for businesses to carefully consider their specific needs, consult with insurance providers, and review policy terms and conditions to select the most suitable group life insurance coverage for their employees.
This type of policy protects businesses financially if a key individual within the business (typically a company director) dies or can no longer act in any capacity with immediate effect in the event of serious illness. It is often required by lenders to cover the full repayment of a loan. It is an important consideration for many small and medium-sized businesses.
Read more
Key Man Insurance or Key Person Insurance is essentially a form of life insurance for businesses. It is generally taken out by a business to compensate for financial losses that would arise from the death or extended incapacity of the key individual(s) of the business specified in the policy, and in turn ensure the continuity of the business.
There are generally three categories of loss for which Key Man Insurance can provide compensation:
As a result, a Key Man or Key Person can be anyone directly associated with the business whose loss can cause financial strain to the business. For instance, they could be a Director of a company, a Partner, key sales people, key project managers and people with specific skills or knowledge which is especially valuable to the company.
This type of policy (also known as Relevant Life Insurance) can provide a complete tax-free solution to life insurance for company directors where both the premiums and the lump-sum payment in the event of a claim are tax-free. The premiums are not classed as a benefit-in-kind and, if the policy is written into a discretionary trust, then any payout is not subject to inheritance tax.
Read more
Life Cover for Company Directors (known as a Relevant Life Policy) is a way of providing death-in-service benefits on an individual basis no matter how small your business is. They are not classed as a ‘benefit in kind’ so no tax is payable on the premiums. In most cases the benefits can be paid free of inheritance tax provided the benefits are payable through a discretionary trust.
If you’re a company director and you already have life insurance in place to protect your family, you could be paying more tax than you need to.
What are the benefits?
What are the advantages of using a discretionary trust?
Are there any limits to the cover I have?
Who are relevant life policies suitable for?
They are not suitable for the self-employed or equity partners, although their employed staff could be covered.
This type of policy helps businesses continue effectively on the death of a shareholder (or a Partner in a Partnership) by releasing a lump-sum that allows other shareholders to buy the shares and provide fair-value funds to the surviving spouse.
Read more
In the interests of financial security, business stability and continuity, it is essential for private limited companies to provide a safety net following the death of a shareholder.
Shareholder Protection is usually put in place to ensure that, on the death of a shareholder, their shares are available for the other directors to buy and there is sufficient cash available to buy the shares.
This is normally done by:
The risk of not setting up some Shareholder Protection are as follows:
For free advice, speak to a UK based adviser on
0333 987 3960* (9am-5pm Mon-Fri)
The telephone service is provided in partnership with BQI Protection Ltd and the quotation service is provided by an FCA-authorised insurance specialist
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British Life Ltd is a company registered in England no. 05559125.
Registered Office Address: 20-22 Wenlock Road, London N1 7GU
Information Commissioner's Office Registration No. Z2698262
BritishLife.com is an independent website created to help customers find the most suitable protection insurance policy for their requirements. We do not provide any financial advice. Instead, we work with trusted FCA-authorised advisers who search and compare policies from the UK's leading insurers to find the best deals. Our service is 100% free to use and you are under no obligation to accept any of the quotes you receive.
British Life Limited is an Appointed Representative of BQI Group Limited which is authorised and regulated by the Financial Conduct Authority. BQI Group Limited is entered on the Financial Services Register https://register.fca.org.uk/ under reference 456214 and British Life Limited is under reference 913398