Life cover for business.

Life cover for business.

Life cover pays a lump sum to provide support when you need it.

What is Life cover for business?

Smart businesses know that if a key person such as a business owner, loan guarantor or shareholder dies, the business might struggle given all the expenses and planning required to keep it going. Life cover for business pays a lump sum to help cover a range of costs from repaying business loans to business continuity.

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  • Entry age for the insured person is from age 16 to 75 and there is no expiry age.
  • Your insurance will cover the insured person for life, if you keep paying your premium.
  • You can pay fortnightly, monthly, quarterly, half-yearly or yearly.
  • You can choose to help protect your cover against inflation by having the amount you’re insured for increase each year.
  • The business may be able to access the payment early if the insured person is diagnosed with a terminal illness.
  • There are two types of payments; age-rated payments fixed for one year at a time, and normally increase in line with age, OR level term payments are fixed for the life of the policy.
  • We always recommend chatting with an adviser about the right amount of cover for you.
Read our Life cover for business customer brochure.

More about Life cover for business.

  • What is it?
  • Why should you get it?
  • What’s the deal?
  • Anything else?

What is it?

If the insured person dies, your business receives the funds which provide security for a wide range of financial commitments.

Why should you get it?

Being in business carries certain responsibilities. Life insurance ensures that if an insured person within the business dies, the funds are there to repay business debts or allow other shareholders to buy out a share of the business.

What’s the deal?

You pay an amount of money (called a ‘premium’) for a policy. The policy is a contract so you know exactly what we’ll pay out for. As long as you keep paying for your insurance with us, and the policy terms have been met, we’ll pay out for everything we agreed.

Anything else?

With business growth comes increased risk. You can increase the value of a person’s cover when certain financial changes happen in the business before the age of 55 without needing to give us medical evidence (check out the Life insurance info sheet for details as there are a few conditions). While medical evidence isn’t needed, we will need to see financial evidence to support the need for the increase in cover. (You can increase your cover at any time up to age 75 though, but we may need to do health and financial checks.)

Questions? Start here.

We’ve compiled a list of the most commonly asked questions about this cover.
For a good overview of the ins and outs, it’s worth reading the factsheet.

Why choose Fidelity Life.

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* Fidelity Life has an A- (Excellent) financial strength rating from A.M. Best. The rating scale that this rating forms part of is available for inspection at our offices. For more information please visit Fidelity Life's financial strength page.

Disclaimer – the information contained in this webpage is a convenient summary of the key points of this insurance policy and is general in nature. It is not, and is not intended to be, a policy document.

Details of definitions, benefits, standard exclusions/limitations, terms and conditions are contained in the full policy documentation which is available from your financial adviser. Please refer to current policy wordings for specific details. This webpage does not provide a personalised financial advice service.