Key Person Cover is a Life Cover policy taken out by a business on the life of one of its employees or directors. The cover is designed to protect the profits of companies in the event of death or serious illness of one or more of the company’s key employees.
Prestige can help identify the key persons in your company and calculate the type and amount of cover needed.
Shareholder Protection provides a business with a cash lump sum if a business owner/shareholder dies or suffers a severe illness. This lump sum provides capital to enable the surviving business owners/shareholders to purchase the share of the company held by the deceased or ill person – allowing them to keep control of their business.
Group Life cover helps your business not only provide financial support to beneficiaries but also to demonstrate a caring attitude towards your employees. It is seen as being a valued benefit that can help attract and retain staff in a business.
Many companies offer their employees a ‘death in service’ benefit, paying the employee’s family a lump sum if they die while they’re employed. However, this kind of benefit doesn’t suit every company as it’s not normally available to companies with fewer than five employees.
A Group Medical Insurance policy has many benefits for employees and employers. As without its employees, any business will struggle to achieve its objectives. By putting a group PMI policy in place your employees can access medical attention and care faster and hopefully be back to work quicker.