Protecting Your Business
Like most businesses, you've probably made sure that your assets are covered agains the effects of fire, theft or other unforeseen event. But what about the loss of your shareholders, directors, and key people?
"Get in touch with Askaig Newington to speak to our financial planning team.
Our experienced professionals have a wealth of knowledge and a shared commitment to providing the best possible service to our clients.
​
Whether you're looking to secure your retirement, grow your wealth, or navigate a complex financial situation, we're here to provide personalised advice."
Why do I need business life assurance?
​
Companies need life assurance to protect the business against the death of a key person (whether that's a shareholder, director, or an essential employee), and to protect the family of the deceased with a lump sum payout.
​
Have you considered what would happen to the shares in your company if one of the shareholders died?
​
In most cases the shares are likely to pass directly to the beneficiaries of their will, which may leave the company in a very awkward position.
A shareholder protection policy will ensure that the remaining shareholders will receive a lump sum that can be used to buy back the shares from the beneficiaries of the deceased shareholder.
​
What about if a director or key team member dies or suffers a critical illness?
​
In a small or medium-sized business, a small group of key people are usually critical to the success of the company.
​
If one of those key individuals were to die, or if they are unable to work for a long period due to a significant illness, this is likely to threaten the viability of the business.
​
A key person insurance policy will pay out a lump to the business if one of the insured key people dies or suffers a critical illness. This will help the business to cope with a loss of revenue, or help to pay for the recruitment of a replacement.
​
How much insurance do I need?
​
It can be tricky to know how much insurance your business requires. The key is to have a meaningful amount of cover, without paying high premiums for extra insurance than may not be required.
​
Our financial planners will work with you and your company's accountant to understand what level of cover is right for each insured individual, and will review the matter on a regular basis.
Book a meeting with a financial planner
Our initial meeting comes at no cost – it’s an opportunity for us to get to know each other and allows us to gain an insight into your current situation, goals, and objectives.
Our friendly financial planning team bring a wealth of experience and expertise. All our discussions are confidential, and you will never be asked to commit or sign up during our first meeting.
How to get in touch
6 Wrotham Business Park
Barnet
EN5 4SZ
How much does the cover cost?
​
Premiums for life and critical illness cover are calculated on a number of different factors, including:
​
-
The amount of insurance selected
-
The applicant's age at the time of application
-
The term of the policy
-
Whether or not the applicant smokes
-
Their medical history and lifestyle factors
-
The nature of their occupation
​
Our financial planners will obtain whole-of-market quotes to identify the most suitable policy for your needs. Often this is the insurer with the lowest premiums, although other factors may also influence our recommendation, such as the ability to change the cover basis in future, or the list of conditions covered under a critical illness policy.
All information It is based upon our current understanding of current legislation and HMRC guidance. While we believe this interpretation to be correct, it cannot be guaranteed that such information is accurate as of the date it is received or that it will continue to be accurate in the future. Thresholds, percentage rates and tax legislation may change in Finance Acts and bases of, and reliefs from, taxation are subject to change and their value depends on an individual’s personal circumstances.
​
Life Assurance plans typically have no cash in value at any time and cover will cease at the end of term. If premiums stop, then cover will lapse. You should review the level of cover required on a regular basis to ensure that it keeps in line with your earnings, otherwise, cover may be less than you need. If any relevant information provided, when applying, is not disclosed accurately and honestly, this could result in any cover offered becoming invalid and / or may result in the non-payment of any future claims.