We can think that it will never happen to us but sometimes it does and we have to deal with the consequences.
Protection plans are in place to insure against those consequences so if something bad does happen, arrangements are in place to minimise the financial impact of the situation.
Insuring against death (Life Cover), suffering a serious illness (Critical Illness) or being off work for a long period of time (Income Protection) are common things that can happen that can be insured against.
An employer can choose to protect some or all of it’s staff by taking out a group protection policy or policies.
In order to protect key individuals within a business or shareholders – arrangements can be taken out to specifically cover off these eventualities. In some cases trust arrangements can be used to ensure that if the worst case scenario occurs, the business can hopefully continue, with the right people having control of the shares and the direction of the business.