Also commonly referred to as business life insurance, company life insurance is a cover that helps to support a company through any financial damages they may suffer as a result of an employee death. There are many different types of company life insurance, all of which go to help financially support businesses that are affected by an employee death.
What aspects of the business that the insurance will cover will depend entirely on the type of policy taken out. There are two main areas that company life insurance will cover, these being as follows:
Employee cover – this type of cover will help to financially support the employee’s immediate family through the death of their loved one. It provides a lump sum of money to the immediate family to help support them through any financial losses they have suffered as a result of their loved one dying.
Company cover – this type of cover will help to support a company through the financial losses they have incurred through the death of an employee. Company cover is only usually taken out on employees that are crucial to the business’s function (e.g. a manager or director), as these are parts of the workforce contributing majorly to its success and function.
Company life insurance is something that should always be considered by those running a business, as it not only helps to support those most affected by an employee’s death, but also comes with a list of other great benefits.
Whilst company cover comes with one very obvious benefit, ensuring the stability and future of a business, even when a major figure within it dies, there are also some great ways in which a company can also benefit from employee cover.
In addition to being quite tax-efficient, as the policy is able to be classified as a business expense, employee life insurance cover can help to attract new employees whilst also helping to boost the workforce morale. With employees feeling recognised and appreciated for their work with such benefits as company life insurance, this can encourage them to keep performing to the best of their abilities, thereby retaining work productivity within the business.
Company life insurance can benefit an employee in many ways. Whilst primarily for employee cover as opposed to company cover, company life insurance can help an employee to safeguard the financial stability of their loved ones in the event of their death. In addition to financial support, it can also help to provide emotional support in the form of bereavement counselling to the immediate members of the employee’s family.
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You can find the best company life insurance covers through Proper Finance, simply by filling in one of our online forms. Our application process is quick and simple to complete, and will help you to find the best policies at competitive prices. Proper Finance works with over 100 top-quality loan and insurance providers, all of which go under a strict vetting process to ensure they are both reputable and trustworthy.
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