Protecting what matters most to your business
At NFU Mutual we make it our business to take care of your business, that’s why we’ve teamed up with AIG to bring you a range of protection products.
The untimely death of a business owner is, of course, very traumatic for his or her family as well as those connected with the business. One of the financial implications may be that the owner's widow, widower or other beneficiaries inherits the shares but may have an immediate need for money, while the surviving shareholders may want to buy the shares but might not have sufficient funds available.
Business protection with critical illness pays out a lump sum when a person it covers is diagnosed with a terminal or specified critical illness and in the event of death during the term of the cover. Cover can help business owner(s) to buy the insured shareholder’s interest in the firm (using the appropriate option agreement) and retain control over the running of the business.
Having a suitable agreement is the first step, but insurance may also be needed to provide funds for the share purchase. Such insurance should be arranged under an appropriate trust. The combination of a suitable agreement and the correct insurance will give peace of mind that, should the worst happen, the continuing shareholder would have funds to help buy the shares and the deceased's family will receive appropriate financial compensation.
Terminally ill means being diagnosed with a life expectancy of less than 12 months.
This range of protection products is provided by AIG. They complement us perfectly, adding choice and value to our range of products and mirroring our commitment to outstanding customer service.