Key person and loan protection
Key person protection helps safeguard a business against the financial effects of death, terminal illness and critical illness of a key person.
The policy proceeds are paid directly to the business to be used to help replace the key person and help cover the loss of profits that may occur. In such circumstances the policy proceeds could help your business to continue trading.
Cover can also be arranged whereby instead of a lump sum being paid, a regular income can be opted for and paid to the business should the key individual concerned be unable to work due to accident, illness or injury. This can help address the cost of covering the salary and/or dividends of the individual.
The proceeds from a business loan protection policy are used to help pay off any outstanding loans your business may have should the guarantor die or be diagnosed with a terminal or critical illness. These will include bank loans or director loan accounts which need to be repaid on death.
Our advisers can complete a comprehensive review of your company’s existing and future financial planning needs, arranging bespoke solutions. Give our team a call to find out how we can help you.