As a business owner, you may have already taken steps to protect your business against major catastrophes and put together a business continuity plan to ensure its future if things go wrong.
Business protection is about:
Our research has shown that only one in three (37%) of businesses had continuity or success plans in place where the loss of key people is addressed.*
Business Protection can insure the lives of a company’s business owners and/or their key employees through life insurance and critical illness cover, and is intended to help them safeguard their business when a business owner or key employee dies or suffers a critical illness.
Life insurance is a valuable employee benefit which many people get through their employer’s group life insurance scheme. However, not all businesses - usually those employing five people or less - are large enough to run a group life insurance scheme. For employees of such businesses, the employee either has to take out insurance and pay for it themselves (and does not benefit from any tax savings) or does not make any provision at all and therefore has less life insurance than they might need.
Relevant Life Insurance allows employers to provide life insurance to their employees outside of a group scheme.
* Source: Qualitative telephone-based research, conducted in November 2012 with 40 business decision-makers and influencers, on behalf of AIG Life by Metro Research Ltd