Key person insurance is an important form of business insurance. There is no legal definition for 'key person insurance'. In general, it can be described as an insurance policy taken out by a business to protect that business for potential financial losses that could arise from the death or extended incapacity of an important member of the business specified on the policy.
Business Protection
Business protection is all about insuring for the unexpected. It's a way of protecting your business if something goes wrong.
One of the great risks of a business partnership is that one of the partners may die or suffer a specified critical illness, with his or her share of the business passing to their beneficiaries. The safety net is a pre-arranged scheme to ensure the surviving partners have enough funds to buy out the departed partner's interest in the business.
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 - particularly for private limited companies where there may only be a small number of principal shareholders - it is important to provide a safety net following the loss of a shareholder
UK News
Borrowing - the difference between spending and tax revenue - hit its highest December level for four years.
Meta's attempt to lure creators to its platforms comes as questions remain over the future of its main rival in the US.
Thousands on hold to HMRC's helpline say they were cut off after waiting for 70 minutes.
The new president accused Beijing of sending fentanyl to Mexico and Canada which ends up in the US.
Squid Game 2 and live sports, including the Jake Paul v Mike Tyson fight, fuelled new memberships.