Protecting Your Business and Family
Business protection insurance is for individuals who want to ensure their business or investment property will provide their family with financial security. Business people we deal with are shrewd enough to know they need to protect their families against the financial impact of critical illness or death.
This applies not just to you the business owner and major bread winner, but also applies to the death or critical illness of any of the your co – directors, partners and key person’s involved in running a successful business that is generating your family’s income. So what do you need to protect your business?
Some business owners may believe their business partners will look after their families if they die. Perhaps a wiser, less stressful and more prudent business approach may be to have business protection which pays a lump sum on death, or on critical illness (if chosen) which can be used to secure the value of the business owners assets for his family
Important Considerations For You
Business protection can provide the funds needed to:
- Buy out partners share of the business
- Ensure their family receives a fair price
- Ensure their business partner retains ownership and control if this is the intention
- Avoid the need for co-directors of the deceased to take out personal loans
Is your business dependent on a key employee, even yourself, to ensure the business survives? If so, have you discussed business protection options with your impartial financial planner?
Deciding what type and the appropriate level of life cover can be a challenge, especially without the right advice.
The options vary depending on whether the requirement is for personal protection, business protection or for mortgage-related debt.
Have you ever reviewed how competitive your life cover repayments are in comparison with other providers?
Infinity Financial Planning have invested in bespoke software which can help you make an educated and informed decision.
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