What is key person protection?
Key person insurance helps safeguard a business against the financial effects of the death or critical illness of a key member of staff. It’s designed to provide a financial buffer in the event of a person who is key to your company’s operation and success becoming permanently or temporarily unable to make their normal contribution to the business. Proceeds would generally be used to replace the lost profits to the business or perhaps hire a replacement. Most businesses will be able to identify a few key people who, if they were suddenly removed from employment, would cause a financial shock and cash flow issue.
Who is a key person?
Key persons are any individuals whose knowledge, relationships, skills or leadership make an important contribution to a business’s continuing success. This can be equally as important to small businesses as larger entities.
Determining the level of cover
Quantifying the level of cover required to mitigate the risk of the loss of a key person can be difficult, and this is an area that we can support and give advice in. It can reflect the estimated loss of income to the business, for example the loss of profit that would have been made by a key salesperson. It can also include issues such as the cost of finding, hiring and training someone to the same level as that of the lost employee.
Your home or property may be repossessed if you do not keep up repayments on your mortgage.
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With advances in medical care more and more people are now surviving illnesses once thought to be fatal.
Protection insurance is designed to help when the things we hope will never happen to us, do!
Protecting your future is important and Income Protection can protect your income and make sure that money is there when you need it most.
This cover can give you the peace of mind of knowing that in the event of redundancy or illness your mortgage payments will be made.
Your home is probably the largest single financial commitment you will make in your lifetime, so protecting it is so important.
You insure your car, your home, and your valuables - isn’t your health the most important asset of your life?
Relevant life insurance is a tax efficient way of a company providing life insurance for its employees, including directors of limited companies.
Directors’ shareholder protection is insurance that is specifically designed to ensure that should one the shareholding directors die or be diagnosed with a terminal illness the remaining shareholders will have access to sufficient capital to buy the deceased’s shares from his/her estate.
Key person insurance helps safeguard a business against the financial effects of the death or critical illness of a key member of staff
Your initial mortgage consultation is obligation free. There will be a fee for mortgage advice of £695 of which £95 is payable when you apply, and we retain the commission from the mortgage lender. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed before you make a mortgage application.
Watts Mortgage & Wealth Management Ltd is directly authorised and regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No 624815 at www.fsa.gov.uk/register/home.do
More information is available on mortgages from the Money Advice Service. www.moneyadviceservice.org.uk
Where you have a complaint or dispute with us and we are unable to resolve it to your satisfaction then we are obliged to offer you access to the Financial Ombudsman Service. Please see the following link for further details www.financial-ombudsman.org.uk
Your property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
The FCA does not regulate some forms of mortgages. The FCA does not regulate taxation advice, trust advice and some forms of buy to let mortgages.