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Let us know about your business, its structure and expected turnover, and what type of business life insurance you are interested in.
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Business life insurance is a collective term for different types of life insurance policies that can be used by businesses to provide financial payout if a business owner, shareholder or work colleague were to die, or suffer from a serious illness.
Typically, the insurance payouts can be used to help fund the purchasing of business shares, cover a gap in trading profits, help with replacement costs, or pay off business debt, as well as provide benefits for employees and directors.
The types of policy available and how they are set up will depend on the structure of your business; whether you are a sole trader, partnership or limited company.
Usually for a limited company and limited partnership, a business life insurance policy is owned and paid for by the business (not the individual ‘covered’) and can have tax advantages.
On a fee-free basis, LifeSearch will consult with you to assess and explore your individual business requirements, which might include:
Key person cover pays out a lump sum of money if a key person dies, or is diagnosed with a serious illness. This can help pay business debts, help with recruitment costs, or plug gaps in revenue and profit.
Gives the surviving business owners the money needed to buy the affected shares. This can help business owners keep control of the company, if one of them dies or is diagnosed with a serious illness.
The insurance provides a lump sum to help you repay business loans, if a person key to the business dies, or is diagnosed with a serious illness.
Pays out a monthly income to the employer if an employee (including an employed director) is unable to work because of illness or injury. This can help pay towards the employee’s salary, and National Insurance and pension contributions.
Pays out a tax-free lump sum to the beneficiaries when an employee dies during the term of the policy. This can provide ‘death in service’ benefits to employees, and premiums are usually treated by HMRC as a tax-deductible expense.
Business life insurance is not a legal requirement but is an important consideration for businesses for a variety of important reasons:
If your business relies on the skill leadership reputation or client book of a key person or people, the P&L sheet will certainly feel it if that person is not around.
If a business owner dies, or become seriously ill, it may have a detrimental impact on the business’s ability to keep up with loan repayments, which in turn could impact future growth, business profits and solvency.
If a business owner dies, their share of the business and the control that comes with it usually passes to their loved ones. Their dependents may not want, or be able to cope with this new responsibility. Fellow owners may struggle to buy back control of their business potentially unsettling the company, its future plans and employee job security.
If a director or employee is unable to work for some time, they may struggle to keep up with their bills and, everyday living expenses, the business might need to cover their National Insurance and pension contributions too. If an employee were to die, what death-in-service benefits would be available to their dependants?
We give you access to business life insurance deals from leading UK providers getting the right cover for you and helping you save money on your premiums.
Whatever your line of work, we can find relevant business life insurance policies that work for you
Business life insurance can be complex, but just answer a few simple questions and we can match to available policy options
MoneySuperMarket and LifeSearch never charge you for our services. LifeSearch find their most appropriate cover, at their most competitive prices
Let us know about your business, its structure and expected turnover, and what type of business life insurance you are interested in.
We will talk with you to learn more about your individual business and then explore the market for appropriate policies and prices.
We will show you the options and prices and, when you’re happy, we can put cover in place for your business protection.
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The cost of business life insurance varies a lot, as it’s based on the products you want to explore, the people you wish to protect and the level of financial protection you require.
We’ll do all the hard work for you and explain your options, what’s included (and what isn’t) and the costs. With our access to leading providers, we can find the best arrangements for your business.
Yes there can be. Not only can claim payouts be arranged to be free from tax, but the premiums you pay for your policies might be tax-deductible too. This depends on the type of cover you buy and your business structure. At LifeSearch, we’ll explore the options for you, explain them (simply) and set up your policies in the right way.
Yes, business life insurance cover can protect you and any employees against death, critical illness and long-term sickness. The amount and type of cover will vary depending on your company and your specific requirements.
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