Relevant Life Plan
A Relevant Life Plan offers a cost-effective way for an employer to arrange Life Cover on the life of an employee, with the benefit payable to the employee's family or financial dependants.
Life cover for an employee
Business Protection
Protect the people your business depends on
Your business is your livelihood. Business Protection can help make sure your company has financial resources available if illness, incapacity or the loss of a key person affects the people who keep it running.
Your people keep the business moving
Protection can help provide financial support
when key people are unable to play their normal role.
Protect the business
Help make sure financial resources are available if something unexpected affects the company.
Protect key people
Cover can be arranged around employees, shareholders and other people important to the business.
Different types of cover
Business Protection can include several different insurance arrangements depending on what you need.
Protecting your livelihood
What is Business Protection?
Businesses often rely heavily on the people inside them. If an owner, shareholder, key employee or other member of staff becomes seriously ill, incapacitated or dies, the impact can extend beyond the individual.
Financial protection when the business faces disruption
Lotus Life Review describes Business Protection as helping make sure the business has the financial resources it needs if something goes wrong.
The type of protection you consider will depend on what you are trying to safeguard, from a key employee or shareholder to employee income and medical benefits.
Start with the people the business relies on
Understanding which people or responsibilities would be hardest for the business to replace can help identify which form of protection may be relevant.
Where could your business be exposed?
Start by thinking about what happens when a key person is missing
Different business protection products are designed around different people and risks within the company.
01
Key employees
Consider people whose absence could have a major effect on the day-to-day operation of the business.
02
Shareholders
Consider the financial implications if illness, injury or death affects someone with an ownership interest in the business.
03
Employee income
Employers may want to consider how employees could be supported if sickness or incapacity prevents them from working.
04
Employee benefits
Protection can also form part of the benefits offered to employees through arrangements such as life cover or medical insurance.
Matching cover to the need
Who are you trying to protect?
The answer to that question can help narrow down which type of Business Protection may be relevant.
Lotus Life Review can help you talk through the people and risks within the business before looking at the protection options available.
An individual employee
Relevant Life Plans can be used by an employer to arrange life cover for an employee.
A key employee
Key Person Insurance is designed around the life and/or critical illness of someone important to the business.
A shareholder
Shareholder Protection can provide a financial safety net following serious illness, injury or death.
Your wider workforce
Group Income Protection and Private Medical Insurance can form part of wider employee protection and benefits.
Employee benefits
Private Medical Insurance can also form part of Business Protection
Private Medical Insurance is often provided as an employee benefit and is designed to cover the cost of acute, short-term and curable conditions.
If employee benefits form part of the protection you are considering, Lotus Life Review can discuss the options available.
Talk to Us
Protect your business
Find out what Business Protection could cost
Speak to Lotus Life Review about the people and risks you want to protect and start exploring the Business Protection options available.
What would happen if a key person could no longer work?
Speak to Lotus Life Review about protecting the people your business relies on.