Helpline: 07939 650906
Clear, cost-effective and personalised mortgage and protection advice
*Your home may be repossessed if you do not keep up repayments on your mortgage*
I don’t charge a broker fee where the loan amount is greater than £125,000. Where the loan amount is £125,000 or less, I will charge a broker fee of between £199 and £399, payable on application. The amount I will charge is dependent on the amount of research and administration that is required.
Products are available that allow you to mix and match a variety of covers to suit your business needs. You can take out Life Cover on its own, Critical Illness Cover on its own or a combination of both. You can also add Income Cover for Sickness or Key Person Income Cover for Sickness depending on your needs and budget. Call me on 07939 650906 for a good old-fashioned chat.
Below is a list of various types of business protection cover:
What is Key Person Protection?
Put simply, Key Person Protection is a business insuring itself against the financial loss it would suffer if a key person in their business died or were diagnosed with a critical illness if chosen, during the length of the policy. Losing a key person – even for a short period of time – can have a big impact on a small to medium sized business. Many companies don’t have the luxury of a ‘substitutes bench’ of reserve talent. With key person protection in place, if a keyperson dies or is diagnosed with a critical illness, the business will be able to use that money to train an existing member of staff or recruit externally for example.
What is Business Loan Protection?
Business Loan Protection helps businesses pay an outstanding overdraft, loan or commercial mortgage, should a key person die or be diagnosed with a critical illness during the length of a policy. Lenders often require this cover and directors may have given personal guarantees – perhaps using their own home as security – so it’s important to make sure that dependants of key people are protected.
Ownership protection – keeping control of the business
The loss of a partner, member or shareholding director can have a major impact on the success of a business in terms of making sure the remaining owners keep control. The potential problems will depend on the business type, the size of the business share, and the procedures laid down in the articles of association, the limited liability partnership (LLP) agreement or the partnership agreement if there is one.
The aim in setting up ownership protection cover is to ensure:
- The remaining business owners keep control of their business.
- The estate of the owner who’s critically ill or who has died gets fair value for selling their share of the business.
- The arrangement is set up in a tax-efficient way.
Relevant life policies - get the taxman to help pay for cover
A Relevant life policy is a single life, stand-alone death-in-service plan, providing benefits on an individual basis.
- Unique individual stand-alone cover
- Tax advantages for high earners
- Directors wishing to provide their own individual ‘death in service’ benefits without taking out a scheme on all employees.
- Premiums not taxed as benefit in kind
- Premiums may be an allowable expense for the employer
There are various advantages to this. For a start, it offers high-earning employees who have substantial pension funds a number of tax advantages. That’s because the lump sum benefits do not form part of the employee’s annual or lifetime pension allowance. And although the company pays the premiums, they are not normally taxed as a benefit in kind - which can offer huge savings, especially for a higher rate taxpayer. What’s more, the payments may also be treated as an allowable expense for the employer in calculating their tax liability. Which means it's also particularly suitable for small businesses that don't have enough eligible employees to warrant a group life scheme.
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FD Financial is a trading name of Frank Damiani Limited, an appointed representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading name of First Complete Ltd, which is authorised and regulated by the Financial Conduct Authority. Frank Damiani Ltd is registered in England with Company Number 09801937.Registered address:47 Barmoor Drive, Newcastle Upon Tyne, NE3 5RE