Income protection insurance:
Provides regular payments that replace part of your income if you’re unable to work due to illness or an accident
Pays out until you can start working again – or until you retire, die or reach the end of the policy term – whichever is sooner
Typically pays out between 50% and 65% of your income if you’re unable to work
Covers most illnesses that leave you unable to work – either in the short or long term (depending on the type of policy and its definition of incapacity)
Can be claimed as many times as you need to while the policy lasts.
Accident and Sickness insurance:
Is designed to help support you financially if you're unable to work after a covered injury or illness.
As long as you pay your premiums, you'll receive cash benefits to put toward medical and non-medical out-of-pocket expenses that you might face.
Relevant life cover:
Unlike a personal life insurance policy, relevant life cover is paid for by a business, and provides significant tax advantages for both employer and employee.
It's a single-life policy, so needs to be taken out for each employee individually.
Relevant life is therefore suitable for small businesses with less than five employees. Larger employers tend to take out Group Life Insurance instead.
Crucially, relevant life cover can be a powerful recruitment tool not just for new employees but as an aid to employee retention as well.
Group life:
Is a type of term life insurance plan purchased by an employer or organization to cover an entire group of people.
Often, this insurance is offered as an employment benefit or membership perk at little or no cost to insured individuals.
Key person insurance:
Is a life insurance policy that a company purchases on the life of an owner, a top executive, or another individual considered critical to the business.
The company is the beneficiary of the policy and pays the premiums. This type of life insurance is also known as "key man (or "keyman") insurance," "key woman insurance," and "business life insurance."
Secure Choice
St. Martins Close,
Winchester,
Hampshire,
SO23 0HD
01962 896380
info@secure-choice.co.uk
Secure Choice is a trading style of The Right Retirement Plan Limited and is an appointed representative of The Right Mortgage Limited, which is authorised and regulated by the Financial Conduct Authority.
Head Office: St Johns Court, 70 St Johns Close, Knowle, Solihull, B93 0NH. Registered in England no. 13502665