There are more details of the LV= Business Protection products as well as the support and guidance on hand to advisers looking to help clients improve their business resilience at LV.com/businessprotection.
LV= offers Key Person Cover, Share & Partnership Protection and Relevant Life Cover, products which address different business requirements depending on the structure and size of the company:
Key Person Cover is there to protect the business against any recruitment costs and other losses if an integral worker with specialist knowledge dies, or is diagnosed with a critical illness. This would mainly benefit SMEs, which account for 98% of VAT registered businesses.
Share & Partnership Protection is for limited companies or partnerships, so that if a business owner is diagnosed with a critical illness or dies, the other shareholders or partners have the funds available to purchase that business owner’s share and retain control.
Relevant Life Cover is a tax-efficient life insurance policy, designed to be taken out by employers to provide death-in service benefits to their employees, so that if an employee dies or is diagnosed with a terminal illness, their family will receive a tax-free lump sum.