Corporate protection policies help to safeguard a business from financial losses if an owner or shareholder becomes critically ill or dies.
How does corporate protection work?
The shareholders document an agreement about how the shares will be dealt with on death (and/or critical illness), so that there is a ready and willing buyer of the shares.
This arrangement can be done either individually or by corporate action. The individual route sees the directors generate the financial means to buy the shares (as individuals) by making payments to a life assurance and/or critical illness plan, using plan proceeds when their colleague dies or suffers a critical illness.
Why look at corporate protection?
The main reason for considering the corporate route is to minimise cost. The payments paid will not be deductible, so it's usually cheaper for the cost to be met by the company out of ‘after-Corporation Tax’ money rather than out of an individual's after-income/national insurance (NIC) money.
How we can help:
Finding the level of protection your business needs
Putting in place the best scheme for your shareholders (and their families) in case of death or critical illness
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