Personal and Business Wealth Protection Solutions
Should one of your shareholders fall ill or even pass away what happens to their shareholding, does it go to their family/spouse is this the ideal future structure of your business. Protecting those shares so that they are retained by the business could be key for the future growth and control of the company. 3Q takes time to understand your business structure, its value, its liabilities, its directors and ownership. We build what’s known as a cross option agreement, which includes a method for setting a price/fair value of the shares to be purchased and or a fixed value during any one period, so on the basis of an owners death and or critical illness there a pre agreed method and price to pay for the shares.
Key Person Cover
Key person cover protects businesses if an employee who significantly contributes to their success becomes terminally or critically ill, or dies. Businesses need to be insured but covering for the risk of losing a key employee is not a legal requirement. Because of this, it’s easy for businesses to overlook this important protection.
Relevant life insurance allows business owners to provide their employees with death-in-service benefits outside a registered group life scheme. It’s designed to pay out a lump sum on death or diagnosis of a terminal illness or even a critical illness. It can also be tax-efficient for the business and the employee.
Protecting your Family
Protecting you and your family does not need to be a costly exercise but so many of us do not take this on board. Ensuing that you have enough income should one of you fall ill, pay the bills on a monthly basis and or provide a lump sum if a serious illness falls upon you even if you fully recover and get back to work. Many of us believe we are invincible, and the worst will never happen to us. Statically speaking we could not be more wrong, with 50% of us likely to get some form of cancer in our lifetime and dementia dramatically on the rise (in younger people as well as older) having enough cash could not be more important. Cash reserves quickly disappear and being reliant on family is not a practical or a fair solution. Having protection/insurances in place to cover the cost of child care, essential household bills, medical expenditure and travel if one person cannot work due to illness could be an essential addition should thigs go wrong.
Protecting your home and mortgage
A simple life policy can pay off your mortgage should one of you pass away, even if you were diagnosed of being terminally ill and have less than 12 months to live you could have the option to pay off part or all of your mortgage upon diagnosis so that you can get your estate in order before you do finally pass. Picking the right policy is just one of the possible benefits our service can help you in this space. But not all life insurances policies are the same. We can have life policies written in trust so that they do not form part of probate when you pass, thus would not be liable for IHT (inheritance tax) . For working out the best structure (at no cost to you), speak to 3Q today.
Protecting your Buy To Lets
As a landlord, you may think that as your BTL is self-funding, if you are ill it still earns money and should you pass away it will be sold as part of your estate. You of course would be correct BUT if we look deeper, it may not be quite as straight forward. Did you want to pass your BTL’s to siblings/others should you pass away, they may all need to be sold or have the mortgages paid off if you do nothing. Are you aware of your IHT (Inheritance tax liability) as far as property is concerned, your beneficiaries may have no options but sell all of your estate, as IHT needs to be paid prior to access to assets (properties). If you have a portfolio and fall ill, would you have the time and energy to manage the portfolio, a lump sum to employ someone or get help may be invaluable.
Talk to 3Q today about your BTL portfolio and how it may be protected for you and future generations.
Private Medical Insurance
Private Medical Insurance (PMI) is designed to cover the cost of private medical treatment. Statistics show that 50% of us will contract some form of cancer within our lifetimes, heart disease and dementia are also major contributors to our health which not only can have devastating effects on the individual but also their family and often the company they work for too. Business providing PMI to their Directors and employees not only demonstrate that they care about their staff but with waiting lists continuing to lengthen getting an employee back to work sooner rather than later can be key for the continued smooth running of a business.
Contact us today for a no-obligation quotation.