A tax efficient single life Death in Service benefit for employees or Directors of a business. The policy proceeds are paid to the Trustees (employer) and the benefit is written under Trust for the life assureds’ beneficiaries (normally a spouse or or children).
On the death of a business owner the policy proceeds are paid to the remaining owners to buy the share of the business from the deceased’s estate.
The policy proceeds are paid directly to the business to be used to help replace a Key Person and cover the loss of profits that may occur. The policy proceeds could help the business to continue trading.
The policy proceeds are used to help pay off any outstanding loans the business may have.