• Corporate protection policies are not mandatory but are very worthwhile. They can take pressure off of management and workforces alike. Just as important, such policies make staff feel valued.
    Why spend a lot of time looking for such policies yourself, and risk them not being the best available? MAP would be happy to source and set them up for you instead.

Corporate Protection

Broadly speaking, there are two different types of cover available on a corporate scale – that for employers and that for employees. Both have obvious benefits and may not be seen as a necessity at first, especially for smaller firms, but could well prove to be just that.

Keyman Insurance or Shareholder Protection is there for senior staff. They are paid monthly to provide cover for the loss of important individuals (key men to the business). Should they no longer be able to work, due to serious illness or death, the policy offsets a replacement’s recruitment and training costs. Some policies have added benefits, such as profit protection, shareholder/partner interests and personal loan guarantees.

Group life assurance is adequate for a group of staff. Such a policy is usually offered as part of a benefit package and has positive tax implications, plus is an allowable business expense. These policies enable employers to show they care and value staff, and provide a tax-free lump sum payment, and/or ongoing contributions to an employee’s family if they pass away.

Other policies available include Group Income Protection Insurance (IPI), to safeguard employees should their salaries be affected by long-term ill health, and Group Private Medical Insurance (PMI), which provides supplementary and elective services for medical care.

Each protection type is slightly different, so the main task for MAP as independent financial advisers is to the find the most suitable for you and your staff. If you are considering taking out group protection, contact us today.

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