Got me a policy on normal terms when others had failed
FAQs
Key Man Insurance:
Do I need to see an adviser face to face?
For Business Protection we can offer both face to face advice and telephone appointments. After our initial conversations we will mutually agree the best way to provide you with comprehensive advice that suits your needs.
How long will it take to get cover in place?
There are a number of steps to complete in order to get your cover in place. The time this takes will depend on a number of factors including your health, the amount of cover you are applying for and your availability to provide the necessary information needed to complete the process.
Step One - Gathering information. We will discuss with you the levels of risk relating to the death or incapacity of Key Employees, Directors or Partners within your business. The outcome of these discussions will form the basis of your application.
In certain circumstances we may also need to know more about the financial circumstances of your business. In this case we may ask you to complete a financial questionnaire or provide a copy of company accounts to help us in gathering accurate information and giving bespoke advice.
Step Two - Application. We will submit an application to a life assurance provider on your behalf. The provider will then review your information, assess your situation and the cover your require and pass to an Underwriter to further assess the information provided.
Step Three - Underwriting. An underwriter will check details such as health, occupation and financial details in order to make a decision on your case.
If the underwriter requires any further information we will let you know at this point. The life assurance provider may write to your GP for your medical background or ask you to attend a medical examination or screening. This is not a negative move by the provider; it simply allows them to get a clearer picture of your individual circumstances and then make a more accurate decision.
Step Four - Acceptance. Once all underwriting is complete the provider will make a decision on your case. If this is accepted the cover can start either immediately or on a specified future date.
It is a rare occasion that an application is totally declined, but this can happen. If your application is not accepted at the original quoted premium by the provider, it may be:
- Accepted at a higher (rated) premium
- Postponed for a set amount of time or on anticipation of forthcoming medical test results
- Declined for an element of your cover but not the total cover requested
- Declined for the total cover requested
We will advise you on the best course of action in any given scenario and ensure that you have the best possible chance of obtaining cover at outset.
Do I need to see a solicitor in relation to company life insurance?
Although many insurance companies provide template trusts and option agreements in relation to this cover it is always prudent to seek independent legal advice to ensure the legal aspects of protecting your business are correct and bespoke to your individual circumstances. If you need any further assistance in this area please let us know and we will endeavour to direct you to an appropriate specialist in this field.
What are the tax rules relating to company life assurance premiums?
There are differing rules relating to the various reasons for needing protection in place. We can provide you with a comprehensive summary of these rules to ensure your cover is as tax efficient as possible.
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