What would happen if a key person was taken seriously ill or passed away?
What would happen if your business suffered from the incapacitation or death of a shareholder?
What would happen if your business was dealing with the outcome of such a situation and a loan was due to be repaid?
As ever with insurance, it’s protecting you, your family and your business from events you would rather not contemplate, but it’s essential for protecting everyone involved. We understand the pressures of running a business and we understand the type of protection product that will suit your business and provide continuity and peace of mind for all involved.
Keyperson Cover exists because businesses are often reliant on more than one individual. There may be a number of key individuals that contribute to its success and profitability and Key Person Insurance provides funds in the event of death or serious illness of a key person. It means there is a cash injection business to provide continuity and help the business owner(s) potentially recruit a replacement.
Shareholder or Partnership Protection ensures that in the event of the death of a shareholder or partner, there is cash provided to the business to pay off the exiting shareholder or partner, or on death, to provide funds to buy the share from the deceased’s beneficiaries.
Why is this necessary? It is likely that in the event of becoming seriously ill, you would want to realise your equity, or your estate or your family would want to realise your share value if you die. Should that happen that’s going to have a significant impact on the business. Shareholder Protection provides all parties with certainty in the event of something unexpected happening and protects employees, suppliers and customers at the same time.
Loan Protection is an insurance product designed to provide cover in case a business loan cannot be repaid. In the event of death or serious illness the loan is repaid to provide cash to the business so it can continue trading. The immediate aftermath of death or serious illness combined with the pressure to repay a loan, can be stressful – and avoided with Loan Protection.
Relevant Life Protection
Relevant Life Cover is a way of taking out life insurance for business directors or owner-managers that is paid for by the business and it offers significant tax benefits to the owner-manager of a limited company, or limited company director. This is because the insurance premiums are usually tax deductible. Also, there’s no benefit-in-kind charge levied on the individual to the value of the premiums or the benefit that would be payable in the event of death to their families.