Ensuring that businesses can be protected wherever possible from the financial effects of the death or serious illness of the key people within the business.
Having worked hard within a business what effect would the loss of a co-director have on that business? Equally important what would happen to that directors share of the business? Passing the shares to a spouse or other family member without the necessary interest or skills can cause problems. We will advise of the risks and utilise Directors share protection policies to ensure the risk are mitigated.
The death or serious illness of a Key Person can have a devastating effect on the health on the underlying business. Their loss may have an immediate effect on the profitability of the business or simply mean that others have to cover for them causing reduced efficiency. We can help identify the Key Persons and provide advice on products that can help during periods of absence or maintain income whilst a replacement is sought.
Often a Business Loan is granted on the status of the company at application. The death or serious illness of a key member of staff whether a designated Key Person or a Director can have a serious effect on the companys ability to repay the debt. Business Loan Protection can ensure that the companys liability can be met without putting further strain on company finances at a very difficult time.
A Relevant Life Plan is a term assurance plan available to employers to provide an individual death in service benefit for an employee. It is designed to pay a lump sum if the employee dies whilst employed during the length of the policy. It will also pay out if the employee, whilst employed, is diagnosed with a terminal illness and meets the insurers definitions. A Relevant Life Plan is paid for by the employer.