Zurich UK Life now offers business customers more choice with new cover options:
- Relevant Life Policy Trust - to provide death-in-service benefits where there are too few employees to justify a group scheme or where it is desired to provide benefits above those provided by the group scheme. Arrangements are paid for by the employer, treated as an allowable deduction and not as a benefit in kind. This results in no liability to national insurance for the employer or employee, no employee liability to income tax with the payments and benefits of the plan outside the employee's lifetime and annual allowances
- Draft Company Share Purchase Option Agreement - an agreement to be used where on the death of a business owner, the company buys back the deceased's shares, increasing the value of the remaining shares while the beneficiary receives the cash
- Business Protection Spousal Bypass Trust - an agreement to be used in conjunction with a share purchase/partnership protection arrangement that avoids inundating a spouse's estate with cash that could be liable to tax
- Draft Option Agreement for Business Owned by Spouses or Couples - an option agreement to protect shareholders or partners of businesses owned by couples. If a non-working spouse dies, instead of all of the owners receiving a proportion of their share of the business, this would be passed to their surviving working partner. Alternatively, if the working partner dies, the remaining owners would have the right to buy both the deceased working owners share and that of the surviving non-working owner.