What would happen if one of the directors of your business dies?

Would the company have the funds to purchase the shareholding from the surviving spouse?

Would the surviving spouse want to remain as a shareholder in the business?

This is business-specific life insurance that can provide compensation to shareholders of a company. If one of the directors dies, a lump sum will be released, enabling the surviving directors to buy the deceased person’s shares from their next-of-kin.

Co-Director Insurance can provide:

• Peace of Mind: Company directors know they will be in the position to keep control of the company
• Choice: The deceased’s successor is not obliged to become involved in the business
• Stability: The remaining directors can retain ownership of the company and provide continuity for the business

How would your business cope if one of your key employees dies or was out of work due to a critical illness?

A key person is an employee whose expertise, knowledge and contacts are key to the continued financial success of the company.

Your business may suffer:

• Loss of profits
• Loss of customers to competitor
• Loss of expertise that can affect your business standing
• Significant recruitment and training cost to replace the key person

A Key Person Policy is a life and / or critical illness which is owned by the company, but the life insured is your Key Employee. Should they pass away or suffer an illness then the proceeds are paid to the company to allow it cope with any financial consequences of losing that employee.