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Helping you prepare and plan for those unforeseen business circumstances


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Here at Rhodes Advisory we feel it’s important to prepare and plan for those unforeseen business circumstances. Helping you to minimise risk to employees and your business.

Key Person:

Key person insurance is life insurance and / or Critical Illness insurance on the key person in a business. In a small business, this is usually the owner, the founders or perhaps a key employee or two. These are the people who are crucial to a business–the ones whose absence would greatly disadvantage the company. Key person insurance pays out to the company paying for the insurance policy and is a form of profit protection.


Relevant Life:

Relevant Life Cover is a tax-efficient* life insurance policy, allowing companies to offer a death-in-service benefit to its employees (including salaried directors). It’s set up by the company and pays out a tax-free*, lump sum on the death (or diagnosis of a terminal illness) of the person insured.

*HM Revenue & Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.

Loan Protection Insurance:

Business loan protection is similar to personal life insurance taken out to cover a mortgage. In the majority of cases, you can protect the full amount of a business loan with life cover, or life and critical illness cover. When a claim is made, the sum insured is paid to either the business or directly to the lender if the cover has been assigned to them.


Shareholder / Business Partnership Protection:

If a shareholder in your private limited company, member of your Limited Liability Partnership (LLP) or partner in your partnership were to die could you afford to purchase their share of the business? If not there could be significant implications for the future of your business. Share protection can help you protect the ownership of your business in this situation.

Share Protection allows the remaining partners, shareholding directors or members to remain in control of the business following the death of a business owner.

In the event of a business owner dying or being diagnosed with a terminal or specified critical illness, share protection can provide a lump sum to the remaining business owners. This means that in the event of a valid claim being made during the length of the policy, the lump sum could be used to help purchase the deceased partners/shareholding directors/members interest in the business.

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