Whether it’s providing cover for Directors / Partners, Key Employees and Employees, we can help you to protect and secure your business.
Shareholder Agreement / Partnership Agreement
Most Directors / Partners do not think what the financial implications are to the business and themselves in the event of their or their partners death or long-term illness. Most businesses do not have a shareholder or partnership agreement in place which dictates what will happen to their respective share. Even when an agreement is in place, it is rare to find consideration given to implementing the right protection products to deliver the requirements of the agreement.
Term Assurance / Whole of Life
Term Assurance and or Whole of Life are two examples of life assurance policies which can provide a lump sum to the surviving owners of the firm, to facilitate the purchase of the deceased’s share.
Trust / Cross Option Agreement
When implementing life assurance products, having the correct agreements in place, such as trusts and cross option agreements are crucial to ensuring that the benefits of such polices are paid tax efficiently and are received by the intended recipients.
An Income Protection policy can provide an income to the business (to cover the position) or to the ill Director / Partner until they are fit to return to work (or any earlier pre-determined period).
Relevant life policies can also be useful for Directors (or key employees), which allow life assurance policies to be paid by the business, with the proceeds paid into a trust for the ultimate beneficiaries. Premiums are usually an allowable deductible expense, whilst the proceeds are usually free from tax for the beneficiaries.
Some providers allow the option of a lump sum to be paid in the event that you suffer a ‘critical illness’, this can be in conjunction with life cover or as a standalone policy. This can provide funds to allow the business to operate whilst the key Director / Employee is recuperating.
Private Medical Insurance
Private Medical Insurance is designed to fully / partially meet the costs of private medical treatment for you and your family. This can reduce treatment waiting times and potentially offer access to more specialist treatments.
Life Assurance / Income Protection and Private Medical insurance can be provided for employees, to provide protection for the firm and / or can be a valuable cost-effective benefit for all employees. By arranging cover on a group basis, premiums can be collectively lower than individual arrangements. Ancillary benefits such as employee assistance at work schemes can provide valuable resources to a firm if they have to deal with an employee who is off work.
Howard Wright Enquiry Form
Start planning your financial future today.
Call us on
0345 688 4939