Business Life Insurance – FAQs
What services do you offer?
We help owners, directors, partners, shareholders and senior executives find the right business life insurance for them. Whether you’re looking for Key Man Insurance, Relevant Life Policy, Shareholder or Partnership Protection, we’ll take into account your needs and find the best product that suits you.
What kind of cover do I need?
The type of cover that you’re looking for depends on who you would like to insure and the type of company that you have. Key Man Insurance is a policy that covers the life of an individual who has a direct impact on the business. Relevant Life Cover, on the other hand, is a life insurance benefit that can be offered to employees. This benefit has significant tax savings for the business.
How much will it cost?
We aim to get you the best prices on the market for your Business Life Insurance premiums. The amount paid will vary according to different products and the overall health of the individual you’re looking to insure. In order to give an accurate quote, our advisors need to take into account the length of policy and type of cover as well as specific factors such as age, height, weight, medical history, occupation and lifestyle.
How long should I take the cover out for?
Generally, it’s up to you how long you would like to take the policy out for. There are minimum terms dependent on the cover that you’re looking for but it is worth taking into account how long the individual will be working for the company and the age of the employee. It can be beneficial to take out a policy for a longer cover period as the older the employee, the higher the premium and therefore, you can avoid paying a higher expense further down the line.
I’ve requested a quote – what happens next?
Once you request a quote on our website, one of our qualified advisors will be in touch. In order to get the right amount of cover at a price that’s suitable, we’ll run through any specific information including a health questionnaire to make sure we can tailor your quote to your needs.
I just want a quote, why do I need to speak to someone?
In order to provide you with an accurate quote, our advisors need to find out more about your specific requirements. We need to take into account your business needs as well as the overall health of the individual. It only takes a few minutes for our advisors to gather all the information they need to quote you accurately. They’ll also provide you with a range of options that specifically work for you. This is so that you can choose the best cover that suits you.
How long does it take to set up a policy?
The length of time it takes to set up a policy depends on the type of cover and the circumstances of the individual who you’re looking to cover. The application process is fairly straightforward and doesn’t take long to complete. Once the policy is submitted, it could take just a couple of days to be accepted by the underwriter. However, if more information is required such as requesting medical reports, it may take a little longer to issue the terms of the policy.
Why do I need Business Life Insurance?
Business Life Insurance protects your business in the event of death of an employee, shareholder or partner. It can be a great incentive to hire and retain employees in the long term. Policies such as Relevant Life Cover are tax efficient for the business and can, therefore, provide additional benefits. Overall, Business Life Insurance ensures that your business is protected against unexpected occurrences and can continue to run as normal.