If you are the co-owner of a Limited Company or Partnership then you face a potentially serious risk: Have you thought about the consequences of either yourself or your co-director dying or getting seriously ill?
The chances of this happening may be higher than you think...If you've made it to age forty already then your chances of not making it to retirement age are around 1 in 12 in the UK. So if you are in your forties, the chances of either you or your business partner not making it to retirement age are around 1 in 6.
The good news is that you can insure against this risk:
Shareholder protection insurance will allow you to compensate the beneficiaries of the deceased shareholder, so you can retain control of the business.
Key person insurance will ensure the smooth continuation of the business by providing the necessary funds to replace the lost profits associated with reorganizing the business, and recruiting the necessary replacement skills.
Business Protection Insurance
Footpath Financial Limited is a firm of Independent Financial Advisers who are authorised to advise on and arrange life insurance and related products. Based in Farnham and Crowthorne we serve the Guildford, Hindhead, Alton, Farnborough and Basingstoke areas. We are Authorised Representatives of the Financial Planning Partnership, who are authorised and regulated by the Financial Services Authority.