Hard-working, creative and valued employees are the most powerful assets available to any business. That’s why it makes sense to protect against the loss of certain key members of staff.
There are a range of life insurance plans which cover key employees, shareholders, directors and partners where required.
The directors of a company are often the major shareholders and key decision-makers within a firm. A successful business depends on the co-operation and experience of its directors. If one of these directors becomes seriously ill or dies it can create great difficulty for surviving directors and the deceased’s successor(s) alike.
The need to have a Co Directors Insurance in place which will give the company the security to buy back shares should this happen.
Options available to you are as follows:
1. Key Person Insurance – Key Person cover provides protection against the loss of an extremely valued employee of high financial or strategic importance to a business.
2. Co – Director Insurance – Co-director Insurance can bring security and stability to a company’s directors. In the event of the death of one of the directors, it will allow the surviving directors to buy the deceased’s shares from their next-of-kin if these unfortunate events occur.
3. Partnership Insurance – This is a specific kind of insurance policy that protects the financial security of a business partnership by compensating a deceased partner’s estate for their share of the partnership
4. Group Risk Cover – Group risk cover allows companies to offer employees special benefits that will compensate their families in the event of death or disability. Life cover can bring employees peace of mind, as they know that their families will be looked after if they die. Group disability benefits allow an employer to pay a portion of an employees salary if they are affected by illness or injury for a prolonged period of time
Employee Group Schemes
Which employee group scheme is right for you?
As an employer, there are many schemes you may want to set up within your company for your employees to help protect their income, to provide for their retirement, and to support their families in the event of a tragedy.
Some of the different schemes that can be set up include:
- Group Pension Schemes
- Group Life Cover Schemes
- Group Income Protection Schemes
We are here to help you understand the key benefits of each of the options and advise you on which structures are suitable to your company needs and financial circumstances.
Our team can provide on-site presentations and one-to-one meetings for your staff to ensure a good understanding, and efficient set up of your schemes.
Your financial future and security is our number one priority.
At Carey Financial Planning we provide clear advice with putting your needs, as a group as our top priority.