As a business owner, you can use a policy, known as a relevant life plan, to provide a financial safety net for your loved ones should the unthinkable happen to you. Added peace of mind - tax free. Relevant Life Plans offer some very special advantages to directors and employees of small businesses, most notably tax efficiency.

Safeguard your business against the financial effects of death or serious illness of a key person. The claim is paid to the company, allowing breathing space to help keep the business trading as normally as possible. You protect the company computers - so why not your key people?

The loss of an owner can have a major impact on the success of any business. Imagine if one of your co-owners were to die. What would happen to their share of the business? You could be forced to work with a member of their family for example. Shareholder protection ensures that you regain control of your business by having the funds to buy the deceased or critically ill owner’s share.

Have you injected capital into your business or maybe the business has taken a loan and you have provided a personal guarantee using your home as security. Protection is vital to clear any outstanding debts, e.g. overdraft, loans or commercial mortgages, to allow your business to recover quickly and minimise the impact should the worst happen.

Executive Income Protection is a solution specifically designed for salaried employees, including Directors, who want to protect their regular income, in the event that they cannot work due to an accident, illness, sickness or injury. In fact, insurers will pay the claim if you are unable to do your own occupation for any reason physically or mentally - there is not a list of conditions making this type of policy very comprehensive.

Only 30% of businesses have heard of Relevant Life Plans*

53% of all businesses say they would cease trading in less than a year after the death/loss of a key person*

Over 50% of all businesses have left no instructions in a will or made any arrangements for their shares.*

26% of owners are not aware that their Director Loan Account needs to be repaid on death*

1 million workers are off sick for more than a month every year **

*Source: Legal & General’s state of the nation’s SME’s report (5th edition)

**Source: Department of Work & Pensions (Employment publication)