Life insurance

There are a few different types of policy that fall under this umbrella which are:

• Keyperson Insurance – aimed as supporting the business in the event it loses the one person if couldn’t operate without
• Relevant Life Insurance – aimed at staff to provide their families financial security in the event of death
• Ownership Protection – aimed at the business owner’s family to provide them with the financial security in the event of a business owner death

Depending on who the benefit it payable to in the unfortunate event it is needed to be used, then may be some tax consequences.

For example, if the Keyperson Insurance is payable to a business owners’ family rather than the business that is paying the premium, then there may not be any tax savings on the cost of the premium.