Business protection could help client owned businesses continue to trade should a key person or business owner die or become terminally or critically* ill. Proceeds from the policy could help ensure that key individuals are replaced, corporate debt is protected and shares from the deceased partner's/director's estate are purchased.
Many believe arranging business protection to be a lengthy and complicated process. But actually, the principles are similar to any other type of protection.
The most significant differences are:
- Business protection generally incorporates higher sums assured.
- A claim may be paid to a business, not a family member.
Types of Business Protection
We offer four main types of business protection:
- Key Person Protection (profit protection)
- Partner/Director/Limited Liability Partnership Share Protection
- Business Loan Protection
- Relevant Life Plan
As with all types of insurance, limitations and exclusions apply.
Types of Policy
- Term assurance
- Term assurance plus critical illness cover
- Whole of life protection plan
All policies can be set up in Trust.
Reasons to Sell Business Protection
There are many compelling reasons for a business to take out a protection policy. Your clients could benefit both today and in the future.
- Added peace of mind that the business could be financially secure.
- Helps protect a partner or director’s financial share in the business in the event that they fall terminally or critically* ill or die.
- Eases the pressure on business owners to return to work quickly should they fall critically* ill.
- Provides evidence of good practice.
- Demonstrates proof of an effective disaster recovery strategy, which helps reassure customers that the business is stable.
Terms & Conditions
This is not a consumer advertisement. It is intended for professional financial advisers and should not be relied upon by private customers or any other persons.