AIB brings you a handy guide to the types of Life Insurance you may need if you are a business owner.
AIB’s Life Insurance Series: Business Owners
We know you’ve worked hard to build up your business, so it’s really important to consider what would happen to that business if you were unable to work due to illness or injury, or if the unspeakable were to happen.
There are over 185,000 Small to Medium Enterprises (SME’s) in Ireland* and if you’re a business owner, you may need the following types of cover:
Term / Pensions life insurance: This is life insurance that gives you cover for an agreed and specified time period. A cash lump sum is paid out in the event of death during this time.
Specified illness cover: This covers you in the event that you become seriously ill or permanently disabled. A cash lump sum payment is paid to you on your diagnosis of one of more than 38 conditions.
Income protection insurance: This provides you with income replacement if you find yourself unable to work at your business after a certain period of time as a result of an injury or illness.
To find out more about how much cover you might need as a business owner and how much it might cost, talk to your AIB Financial Advisor today. For more information about Insurance from AIB, visit our website today.
*The statistics quoted are from the Central Statistics Office (CSO) 2011.
Life Insurance products are provided by Irish Life Assurance plc. Allied Irish Banks, p.l.c. is a tied agent of Irish Life Assurance plc for life and pensions business. Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland.