email: lincoln@kindfinancialservices.com

tel: 07515 770993

Business Protection

Keyperson Insurance

Directors and employees with highly specialist skills or knowledge are key employees of the companies they work for. To lose one as a result of a critical illness or death can be damaging to the business. That is why taking out a keyperson insurance to protect the company is a wise move.

Keyperson insurances can provide several benefits. These can include:

The full scope of cover will depend on the type of policy purchased but companies ignore the risks of losing key staff at their peril. Shareholders, bank managers, suppliers and customers may not be so laid back.

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Share Protection through Life Assurance

Directors' or partners' share agreements may provide for the remaining directors to purchase the shares of other shareholding directors should they die. However there is a risk that the remaining directors may not have sufficient funds to hand when a fellow director passes away unexpectedly.

One way round this is to take out life cover as a source of funding.

To arrange such cover requires the understanding and agreement of all concerned. It will also require some careful figure work to determine how much cover is required. However, it will be a comfort to all directors or partners of a business to know that their own or a colleague's death will leave the other directors with sufficient support to carry out the terms of their shareholders' agreement.

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The guidance contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

Kind Financial Services Ltd is an appointed representative of TenetLime Limited, which is authorised and regulated by the Financial Conduct Authority. TenetLime Limited is entered on the Financial Services Register (www.fca.org.uk/register) under reference 311266.

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