What Is Shareholder Protection Insurance
?
Shareholder protection insurance is designed to help businesses and shareholders buy a terminally ill or deceased person’s share of the business. If the shareholder was to pass away and you didn’t have shareholder protection in place, then the shares would pass to their estate and the family would decide what to do with them.
Depending on the importance of the shares that are passed onto the family, they may try to change or influence the direction of the business with little experience, or they may sell the shares onto someone equally as inexperienced, or even a competitor. Moreover, current shareholders may also want to purchase the shares, but may not have the funds to purchase them or may have to wait for probate.
Shareholder protection insurance can help to bypass this by providing funds so that the business owners and shareholders can purchase the equity of the deceased shareholder. And a shareholder agreement can help to decide what will happen to a shareholder’s shares if they were to pass away. This provides peace of mind for the business and for the shareholders as there won’t be any confusion about what happens to the shares and the business can continue as usual without a large amount of disruption. Also, it guarantees that the family of the shareholders will get a sum of money at a fair, mutually agreed price once the shares have been bought.
Furthermore, shareholder protection doesn’t just have to pay out once the shareholder has passed away. Some policies will also pay out once a shareholder has been diagnosed with a terminal illness, letting them sell their shares at the agreed price so the business can carry on operating as normal.
Risk of aortic rupture
Nosebleeds
Cramping sensations in the legs
Sensitivity to hot and cold
Weak muscles
Those with severe coarctation of the aorta usually require surgery, although this will depend on their age and overall health. The required procedure is one that widens the aorta, known as an angioplasty procedure.
How Coarctation of the Aorta life insurance, critical illness cover and income protection works:
Every shareholder takes out either a life cover or life and critical illness cover policy, they each pay their own premiums, or the premiums can be paid by the business; however, they would be taxable on each individual shareholder). Then each policy would be put into trust, this helps to avoid inheritance tax and speed up the process of the policy paying out. Then, a written agreement or contract will be created, and each shareholder will be in this contract. This is known as a “cross option agreement”, a mutual agreement that guarantees the remaining shareholders can have the option to purchase the shares from the deceased shareholders estate. Or the deceased person’s estate has the option to sell the shares to the remaining shareholders.
Similarly to a personal life insurance product, shareholder protection insurance applications and premiums are based on your health, age and any pre-existing medical conditions that you have. Shareholder protection insurance varies greatly from provider to provider, and it’s important to pick the one that’s right for you, we will always pick the best cover option for you so that you have peace of mind that your business and shares will be protected.
Severity of the condition
When you were first diagnosed with coarctation of the aorta
Your age
Whether your coarctation of the aorta has been treated surgically
Medications currently being taken
Family medical history
Whether you smoke
Any other related health complications such as heart disease
At The Insurance Surgery, we are leading specialists for putting people in touch with the best insurers when they are seeking to take out life insurance with a condition like coarctation of the aorta. We understand that every client’s condition and circumstances are different, and will help compare the market to find you the best life insurance providers and cover plans for your needs. Simply enter your details into one of our online forms for your free no-obligation life insurance quote.
Critical Illness Cover
Just like life insurance, critical illness cover can be available to some sufferers of coarctation of the aorta. Cover will depend on the severity of your condition and the extent to which it impacts on your general health, well-being and lifestyle.
You may find that insurers are more strict when offering policies for critical illness cover. You may need to provide medical confirmation in the form of records from your GP.
If your condition is manageable and you have no symptoms, it is possible to have an application for critical illness cover accepted on standard terms. If however your symptoms are more severe and you have had surgery, you might be offered cover with non-standard terms that are bespoke to your situation.
Contact us at The Insurance Surgery for more details and to be put in touch with insurers offering critical illness cover that fits your unique circumstances.
Income Protection Insurance
If you are running or supporting a household with bills to pay, it’s a good idea to consider Income Protection Insurance.
This is especially important for anyone living with HIV who is self-employed and doesn’t have access to sick pay. Income Protection can reduce the stress of paying rent, mortgage or monthly bills.
Coarctation of the Aorta life insurance
Underwriters assessing life insurance for those with coarctation of the aorta will consider the following:
Underwriting for professional football players seeking life insurance cover will depend on the following factors. Insurers may request more details on the following:
Your current weight and lifestyle
The date of your initial diagnosis
Whether you have had surgery for coarctation of the aorta
The impact your condition has on your job
Following these considerations, an insurer will normally be able to inform you of the kind of policy you will be eligible for based on your circumstances.
Generally speaking, if you have coarctation of the aorta but your symptoms do not require treatment and you have never been in hospital for surgery as a result of your condition, you should be eligible for a ‘non-rated’ life insurance policy.
However, if you have had an angioplasty procedure to correct your condition, and you are suffering from symptoms in line with it, you may be considered a higher risk for life insurance, and could pay a higher premium than someone with no symptoms. An insurer will likely request medical records from your doctor to confirm your details and to offer you the best policy available.
At The Insurance Surgery, we have helped many people find the right coarctation of the aorta life insurance cover for their needs. Ratings for an individual seeking life insurance with coarctation of the aorta can vary depending on their individual circumstances, so it is important that you approach the right insurance provider that understands the nature of your condition.
