The greatest assets within most businesses are often the core people at the heart of the operation. Whether as a key person with specific talent or expertise, or a Director or Shareholder, chances are that if they were to suffer from as serious illness or die then the impact on the business could be severe, if not terminal to the business.
Therefore, it makes prudent sense for business owners to carefully consider these impacts and think about what could happen to the business, their own shareholdings, the ability to continue financing outstanding loans and the cost of replacing key employees at short notice.
The protection your business deserves
Business protection is designed to help businesses continue to operate and trade if a key member of staff or business owner dies or becomes terminally ill or critically ill.*
The proceeds from a life insurance policy can help to replace key individuals, protect any business debt and allow for the shares from the deceased partner’s/director’s estate to be purchased.
For many owner managed businesses, the potential risk is most likely a significant drop off in trading performance and subsequent income for your family and staff. Talk to Cherry May to discuss the options and alternatives applicable to your own business situation.
Find out more… Call us on 01823 475222 or email us today.
Protection plans that have no investment link have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.
*Plans may not cover all the definitions of a critical illness. The definitions vary between product providers and will be described in the key features and policy document if you go ahead with the plan.
I was speaking at a business event recently and I asked the group this simple question: Do you know when your State Pension age is?
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