Business Life Insurance

Compare Business Life Insurance Quotes from:

Vitality Life

Compare Business Life Insurance Quotes

What is Business Life insurance?

As you may already know, life insurance is a policy that pays out a lump sum upon death of an individual covered. Business life insurance is a collective term that includes a few types of policies designed to protect a company's financial health and stability.

The policies ensure that a business can continue to operate smoothly, even if the worst should happen to key individuals.

Here are some of the examples of business life insurance:

Key Person Insurance
Relevant Life Insurance
Business Loan Protection
Shareholder Protection
Employee Benefits such as Income Protection

Simply put, a business life insurance policy can provide the cover necessary to safeguard your company and prevent business disruptions.
Scroll down to learn more.

Start Your Free Quote

Do I Need Business Life Insurance?

Deciding whether your business needs life insurance you should ask yourself a few key questions.

Does your company rely on individuals such as founders, directors or key employees?
Would the loss of these individuals impact operations and revenue?
If your business partner were to pass away, would you prefer to buy out their shares to maintain control, or would you want their family to inherit ownership?
Could your business meet its debt obligations were you to lose a key individual?

Business life insurance acts as a safety net, providing the necessary funds to cover costs, hire replacements, or settle debts in the event of an unexpected loss.

For partnerships, shareholder protection can be essential. This policy ensures that remaining partners can purchase the deceased's shares, maintaining control and stability within the business.

Compare Quotes

How Much Is Business Life Insurance?

Factors that affect the cost of your life insurance policy include

Age

Younger individuals will pay lower premiums, as they are considered a lower risk for insurers

Medical History

Those in good health typically face lower premiums than those with pre existing medically history, again due to the perceived risk by the insurer.

Occupation

High risk occupations may incur higher premiums due to the increased likely hood of claims.

Policy Duration

The length of coverage you choose can affect costs; longer policies generally come with higher premiums.

Cover Amount

The higher the death benefit, the more expensive the policy.

Business Structure

The nature of the business - whether its a partnership or large corporation will affect the premium, due to the varying number of members insured.

Get a Personalised Quote

Are you already insured?

Compare, Switch and Save £££

Get Better Cover
Huge Savings
Extend The Term
No Medical Exclusions
Free Advice

If your circumstances have changed, you should review your cover to make sure it still meets your needs.

Review of Your Policy

Types of Business Life Insurance Cover

Key Person Insurance

Key person insurance provides financial protection to a business against the loss of a vital employee whose absence could significantly affect operations and revenue.

Relevant Life Insurance

Relevant life insurance is a tax-efficient policy that offers death-in-service benefits for individual employees, ensuring their families receive financial support in the event of the employee's death.

Business Loan Protection Insurance

Business loan protection insurance covers outstanding business debts in the event of the death of a key individual, ensuring the company can meet its financial obligations without strain.

Shareholder Protection

Shareholder protection ensures that, upon the death of a shareholder, the remaining owners can buy out the deceased's shares, maintaining control and stability within the business.

Employee Benefits

Employee benefits, such as health insurance, critical illness and income protection, provide financial support to employees unable to work due to serious health issues, safeguarding their wellbeing and reducing the risk of operational disruptions.

Employee Benefits Quote

How Much Cover Do I Need?

Deciding how much cover you need depends many factors that are specific to your businesses needs, but here are a few considerations.

Key Person Insurance - consider the financial impact of losing a key employee, including their salary, recruitment costs for a replacement, and potential lost revenue during the transition.
Relevant Life Insurance - assess the value of the employee’s role within the company and how their absence might affect overall productivity and morale, ensuring sufficient cover to support their family.
Business Loan Protection Insurance - calculate the total outstanding business debts to ensure the insurance payout can cover these obligations, preventing financial strain on the company.
Shareholder Protection - evaluate the value of the business shares, ensuring adequate cover is in place for remaining partners to buy out the deceased’s shares without financial hardship.
Employee Benefits - consider the financial support needed for employees who may become unable to work due to serious health issues, ensuring the coverage can sustain their wellbeing and support business continuity.

What Businesses Love About Our Service?

Access to the best rates on the market
Single point of contact with a top-rated advisor
Free Advice
Quotes From 5* Insurers
Very Responsive
Rated as "Excellent" On TrustIndex

Compare Quotes

Benefits of using a Broker

Working with a business life insurance broker offers numerous advantages, including free expert advice to help you understand and choose the right policies tailored to your unique needs.

Brokers have access to multiple insurers, giving you a wider range of options and competitive pricing.

As a busy Business Owner, they save you time by comparing different options, handling the application process as well as ongoing support to review your needs as your business evolves.

Additionally, brokers assist with claims, making the process smoother during challenging times, and they ensure you stay compliant with UK regulations.

Some benefits of using a business life insurance Broker:

No Fee's
Experts in a Tricky Field
They Do The Shopping Around - Leaving You to Run Your Business
They Deal With the Admin
Regulated by The Financial Conduct Authority (FCA)
Provide Ongoing Support

Get a Bespoke Quote From a Broker

What Our Users Are Saying

How Do We Work?

Access Expert Guidance

Our award winning business insurance comparison service is free to use. You may find the answers to your questions by looking at our guides on this page.

Request A Free Quote

Hit the link to begin your free, no obligation comparison by sharing your requirements.

Compare Life Insurance Policies

With the help of our award winning partners, we will help you to compare business life insurance policies from the leading 10 providers.

Best Price Guarantee

We search the whole of the market, so you don't have to, and we guarantee we will not be beaten on price!