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Product overview
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 or in the event of death during the term of the cover.
Cover can help the surviving 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.
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.
*Terminal Illness means a diagnosed life expectancy of less than 12 months.
Benefits of Shareholder Protection cover:
- Ensure that you retain control of the business.
- Set up insurance policies to provide the funds to help purchase the shares.
- Prevent the sale of shares to hostile parties, or competitors.
- Maintain business stability and continuity.
When you contact us we'll explain the advice services we offer and our charges. NFU Mutual Financial Advisers advise on NFU Mutual products and selected products from specialist providers.
Financial advice is provided by NFU Mutual Select Investments Ltd.
Financial advice is provided by NFU Mutual Select Investments Ltd.
