What’s your business worth without you?
Relevant Life Policy
Why a Relevant Life Policy?
So if you were to die what would the business be worth?
Would anyone want to buy your business?
In a lot of cases it the answer could be very little or nothing.
If your family are relying on that profit from your business what would happen to them?
What can we do about this?
The answer is a Relevant Life Policy. A policy your company can take out on you as the employee that would pay out a lump sum to your family should the worst happen. That way if you are your business and the business dies with you, you can make sure your family don’t suffer financially.
The other benefits of a Relevant Life policy are:
- Your company pays for it.
- It’s not a P11D Benefit in Kind
- The proceed are outside of your estate so shouldn’t be liable for taxes
- For anyone whose has used their pension lifetime allowance they will not add to it.
- Some policies even come with other benefits like counselling services or discounts and cashback.
While some also contains restrictions if you need to change the policy.
So it pays to talk to an expert to see which is most suitable for you.
And of course the magic question –
As an example a 40 year old non smoker in good health could get a £250,000 policy for around
£25 a month.
So how much are you worth to your business?
I wonder how many businesses have thought about this in their business plan?
If you want. to know more, get in touch or book a free consultation below.
Head Honcho at Business Protect
Book a free consultation with Martin
I’ve spent half my life working in Rock ‘n’ Roll so why would I want to put out a blog about business protection insurance…?
It’s a slightly surprising (to me anyway) fact that there are more pet insurance policies than critical illness policies in the UK.
What would happen to the crowdfunders investments if the key people driving the businesses weren’t there anymore?
Partnership protection insurance for a partnership is like saying you need legs on a body, strings on a guitar, a helmet on a motorbike.
How you can have share protection as a one person limited company? This is where relevant life insurance is such a fantastic innovative product.
As an Relevant Life Insurance specialist I keep tabs on the current mortality rate. I checked yesterday and it’s still running at 100%.
I wouldn’t use a GP for my brain surgery operation and I wouldn’t use a generalist practitioner for my business protection…you might get it right…
It’s all a rip off right? Insurance never pays out. I’ve never had anything go wrong with me for the last (insert arbitrary number of years) so why do I need it?