With the right business protection cover in place, if a shareholder or key person were to die or be diagnosed with a terminal or critical illness, the business will still be able to:
- Repay business debts, loans or commercial mortgages
- Retain ownership of the business in the hands of those that built it, whilst making sure that co-owners dependents get the value of the business that they are entitled to
- Recruit a temporary or permanent replacement for key people
- Protect profits
To protect your business from the death or sudden loss of a partner, director or key person, we can advise on:
Loan Protection
A plan to protect the outstanding value of a business loan (or Director Loan) should a key member of the business die or be diagnosed with a terminal or critical illness.
Key Person Protection
A plan to provide against the loss of profits that could result from the death or diagnosis of a terminal or critical illness of a Key Person, by paying out a cash sum so that the business can continue trading.
Relevant Life Cover
Relevant Life Cover is a tax-efficient way for businesses to provide stand-alone, single life, death in service cover. It is designed to provide a death in service benefit for employees of companies and high earning individuals (including salaried directors). And, as it will need to be written in trust, it will then pay a tax-free lump sum to the beneficiaries or dependants if the person covered was to die or be diagnosed with a terminal illness whilst employed during the term of the plan.
Partnership life assurance
Whilst many partnerships operate on an informal arrangement, if there is no legal agreement in place then the death of one partner automatically dissolves the partnership. Tailored cover, protecting the interests of each partner, will give the partners – and their families – peace of mind against the financial consequences of a partner dying or suffering from a serious illness.
Ownership Protection (or Shareholder Protection)
A plan which will provide the funds to buy the value of a shareholder’s shares (from their dependents) should one of the co-owners die or is diagnosed with a terminal or critical illness.
Protecting you and your Business
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The Financial Conduct Authority does not regulate finance and some aspects of Commercial Mortgages.