31 guides
Business & workplace cover
Protection a business arranges for its people and owners, and what workplace and public-sector schemes pay.
- Best relevant life insurance providers Relevant life insurance providers include Aviva, Legal & General, Royal London, Scottish Widows, Vitality and Zurich, all of which publish documents descri…
- Business loan protection insurance Business loan protection insurance is life insurance, with critical illness cover as an option, that a business takes out on a director, owner or other key…
- Comparing group life insurance providers Group life insurance providers in the UK include Legal & General, Aviva, Unum, Zurich and Canada Life, and each publishes its own employer literature that…
- Death in service insurance for employers Death in service insurance for employers is group life cover: one policy, paid for by the employer, that pays a lump sum if an insured employee dies while…
- Group life assurance explained Group life assurance cover is life insurance an employer arranges for its staff as one scheme: if a member dies while employed there, a lump sum, often a m…
- How much relevant life insurance costs Relevant life insurance cost is set in two steps: an insurer prices the premium for the one employee covered, and the tax treatment then decides what the c…
- Is group life insurance taxable? Is group life insurance taxable? Usually not for the employee while they are alive, and the lump sum it pays after a death is normally free of income tax…
- Is key person insurance worth it? Whether key person insurance is worth it depends on what the business would lose if one person died or became seriously ill, and on what the policy costs a…
- Key person insurance calculator There is no single formula for how to calculate key person insurance: insurers describe several rules of thumb, and the right one depends on what losing th…
- Key person insurance cost How much key person insurance costs has no fixed answer: each premium is set for the named person, the sum the business insures and the term, so the price…
- Key person insurance for sole traders and partnerships Key man insurance for a sole trader, a partner or a director is possible, but who takes out the policy, and who it pays, depends on how the business is set…
- Key person insurance tax treatment Key person insurance is tax deductible for a UK business when the policy meets HMRC's conditions, and in that case any payout is taxed as the business's tr…
- Key person insurance vs shareholder protection Key person insurance and shareholder protection both pay out when someone a business relies on dies, but they pay different people for different jobs. Key…
- Legal & General death in service: how a claim works If someone covered by their employer's Legal & General group life assurance has died, the claim is made by the employer, as the policyholder, rather than b…
- Relevant life cover limits Relevant life cover limits are set by each insurer as a multiple of the employee’s pay, and the multiple falls as the employee gets older. Across Aviva, Le…
- Relevant life insurance tax treatment Relevant life insurance tax treatment, in short: the company can usually deduct the premiums as a business expense, the employee is not usually taxed on th…
- Relevant life policy age limits and term There is no single maximum age for a relevant life policy, because each insurer sets its own. In the papers quoted below, cover can start at up to 71 with…
- Relevant life policy and trusts A relevant life policy has to be in trust in practice: the tax rules say the money must end up with individuals or charities, and the providers print a tru…
- Relevant life policy pros and cons The pros and cons of a relevant life policy both grow out of how it is built. On the plus side, the company pays and the providers say the premiums and the…
- Relevant life vs key person insurance Key person vs relevant life comes down to who the policy protects: key person insurance protects the business and pays the company, while relevant life cov…
- Shareholder protection insurance cost Shareholder protection insurance cost is the sum of separate premiums, one for each owner, and every one of them is priced on that owner: their age, health…
- Shareholder protection premium equalisation and who pays Shareholder protection premium equalisation is a way of adjusting what each business owner pays so that the cost matches what each is likely to gain from t…
- Shareholder protection tax treatment Is shareholder protection insurance tax deductible? Usually not, when each owner pays the premiums on their own life: Aviva's material for advisers says th…
- Shareholder protection: own life in trust or life of anothe… Shareholder protection with each owner's own life in trust means every owner takes a policy on themselves and writes it in trust for the other owners; the…
- What happens to group life insurance when you retire or lea… What happens to group life insurance when you retire comes down to one fact: the cover is arranged by your employer for its staff, so it normally ends when…
- What is business protection insurance? Business protection insurance in the UK is a group of policies that pay a business, its owners or an employee's family when someone the business depends on…
- What is key person insurance? Key person insurance is a policy a business takes out on someone whose death or critical illness would hurt its profits, so that the business, not the pers…
- What is relevant life insurance? Relevant life insurance is a life policy that a company takes out and pays for on one employee or director, written in trust so that any payout goes to the…
- What is shareholder or partnership protection insurance? Shareholder protection insurance, called partnership protection where the owners are partners, is cover that each owner of a business takes on their own li…
- Who owns key person insurance Who owns key person insurance? The business does: it applies for the policy, owns it, usually pays the premiums and is the one paid if a claim succeeds. Th…
- Zurich Relevant Life Policy and its trust deed A Zurich Relevant Life policy lets a company buy life cover on a director or employee, and Zurich says the cover can only be issued into a relevant life po…