Also known as ‘key man insurance’, this can compensate a business for financial losses arising from the death, or extended incapacity, of a specified employee or director.

This can provide a business partnership with the funds to ‘buy out’ or compensate the deceased’s dependants, should a business partner die.

A Relevant Life Plan is a death-in-service benefit taken out by a company on behalf of an employee.

In the interests of financial security, business stability and continuity, it is essential to provide a safety net following the loss of a shareholder.