Life and health for business

Why do I need life and health coverage for business?

The best way to assure peace of mind is to protect your most important assets: your people and the valuable revenue they generate.

• What is the financial impact on your business if you lose a key person? How soon before your business started accruing additional costs?
• Have you loaned funds to the business through your current account? Have you used your private residence as security? Loans and guarantees remain in force and transfer to your estate in the event of death or permanent impairment. Could your family manage?
• How would your family assess the value of your shareholding if you died or were so disabled that you could never work again?
• Would you like to provide staff with a base level of life, disability or medical insurance so their families are financially provided for in case of a serious medical event?

Life insurance for businesses provides for business continuity. It is a way to ensure your business has the funds when a key person can no longer contribute, and your liabilities are covered.

Our brokers will work with you to create an insurance package to meet your specific needs.

Business life and health insurance options

Income protection insurance

• Provides a monthly replacement income if you are unable to work due to illness or injury. ACC only covers accidents.

Key person insurance

• Provides a monthly benefit or lump sum to offset additional costs of losing a key person through serious illness, injury or death. It covers staff replacement costs, training costs, contract penalties and loss of profits.

Debt protection

• Provides a lump sum to repay debt to shareholders or release personal guarantees, following serious illness, injury or death. These funds take pressure off the business and allow it to move forward.

Shareholder protection insurance

• Provides a lump sum for remaining shareholders to purchase the shares of a shareholder who makes an unplanned exit from the business due to serious illness, injury or death. These funds provide the departed shareholder’s family or estate with capital and provide the remaining shareholders with control of the business.

Employee benefits

• Subsidised insurance cover for groups of employees provided as a staff benefit. Policies usually include employer-funded group medical insurance and different types of group life insurance.  

How we can help

Our life and health insurance specialists design and build the most appropriate insurance solution for your business. In the event of a claim we advocate on your behalf for a fair and prompt result.