A business needs protection from the effects of the loss of a key employee through death or illness (including owners/managers) as this would have a significant impact on the business financially.
Arrangement is available in two ways:
This cover allows you to protect your business from significant impact if a shareholder or partner were to die or be diagnosed with a critical illness.
It allows the surviving shareholders to be in a financial position to “buy” the shares (usually via a “cross option” agreement) from the beneficiaries of any shareholder who has died or suffered a critical illness. This would help ensure control of the business stayed with the business.
Particularly beneficial for small businesses who have too few employees to warrant a group life insurance scheme, this provides peace of mind for the employee and their family. It is a non-taxable benefit and the cost of the plan is normally an allowable expense for the business which means the business can get tax relief on the premiums paid.
This is a cost-effective route for life cover for employees.
*Please note – tax treatment depends on individual circumstances and can change*.
Having worked for 18 years in the financial services industry I would like to feel I know what I am looking for in a trustworthy and professional financial adviser; especially for company ‘key man’ protection.
From the outset Lorne has shown patience, professionalism and given updates and clear explanations when required.
He anticipates situations early and leaves you feeling that nothing is too much trouble – and it isn’t !
Paul L
May I thank you hugely for your assistance with my elderly client, who had recently been told by her existing mortgage lender that her interested only loan would have to be repaid within 3 months, due to the term expiring and the fact that she was over 75 years of age.
She came to me in a state of anguish at the thought of possibly losing her home.
However, you were able to provide reassurance to her quickly and efficiently enable her to re-mortgage onto a lifetime mortgage product, which will enable her to continue making low repayments and stay living in her home for the rest of her life.
unlike the quite release scheme that she has previously been looking at the equity in her home will be retained for her to pass onto her children, for which she is very grateful.
many thanks again. I will continue to refer clients to you with confidence.
Matt B
Mortgage Advice
A little while ago I decided to get back on the housing ladder and purchase a property. This was not as straight forward as you would think due to the fact I had a minimal deposit due to business issues stemming from the credit crunch. Not to be put off Lorne got to work and secured a mortgage for me with a main stream lender with the minimal of fuss.
Andrew S
Mortgage Advice
A few months ago we decided to move house and asked Lorne if he could advise us on a change of mortgage. He quickly put a plan into action and met with us at our home, to get the information he needed, at our convenience.
P Wilson
Mortgage Advice
Following your personal and professional service, we now have peace of mind and can’t thank you enough for organising everything. We were very impressed and we will be continuing to use More Than Financial in the future. We will also recommend you highly to all of our family and friends.
E Wilson
Protection
