Key person insurance is an important form of business insurance. There is no legal definition for 'key person insurance'. In general, it can be described as an insurance policy taken out by a business to protect that business for potential financial losses that could arise from the death or extended incapacity of an important member of the business specified on the policy.
One of the great risks of a business partnership is that one of the partners may die or suffer a specified critical illness, with his or her share of the business passing to their beneficiaries. The safety net is a pre-arranged scheme to ensure the surviving partners have enough funds to buy out the departed partner's interest in the business.
A Relevant Life Plan is a death-in-service benefit taken out by a company on behalf of an employee.
In the interests of financial security, business stability, and continuity - particularly for private limited companies where there may only be a small number of principal shareholders - it is important to provide a safety net following the loss of a shareholder
UK News
The changes could cost up to £3bn which will have to come from higher taxes or cuts elsewhere, given the chancellor's self-imposed borrowing rules.
The police will not hand files to prosecutors until after the final report from the public inquiry into the scandal is published.
Exports to the US halved as President Donald Trump's tariffs caused some UK car makers to halt shipments.
Company executives say the sportwear giant will cut its reliance on producing goods in China to ease the impact of US trade policies.
In Lithuania and Australia, hungry fly larvae are used to process food waste into useful protein.