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Discover the fortune hiding in your insurance premiums!
Ever thought about how to save money? Sure you have, what did you do? You downsized a few things, maybe cut back on the monthly budget, had a boot or garage sale to free up some money but there is a place which most people don't look. Insurance...
Is Your Insurance Agent Really Working for You?
Or is he only interested in one company? There’s a relatively unknown market in the insurance industry that consumers need to know about. This is a market where a single agent can offer you multiple choices from multiple companies. This is the...
Life Insurance Careers
Do you like to spend all day being sitting around? Fixed income is good enough for you? Do you feel economic stability is not a priority right now? Well, if your answer to any of above questions is “Yes”, you should accept the fact youhave a very...
Student Health Insurance
Health insurance is increasingly important. With the rate at
which medical expenses have continued to rise over previous
years, and the reductions in government funded health care
programs, being without health insurance is less an option...
Understanding Your Insurance Claim
If you are involved in an accident it is important that you know the proper procedure for filing an insurance claim. You will most likely need to deal with one or more adjusters who will determine the insurance salvage. Follow these simple tips to...
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Memo To Myself - I Need Keyman Insurance
Last month I had to drive down to London. I don't like driving
at the best of times but the rain, spray and heavy traffic on
the M1 made conditions difficult. Radio 2 kept me company and
the heater kept me warm. Then I hit that queue - six miles solid
and I was soon an hour behind schedule.
They were still clearing up the accident when I got there. It
was nasty. A lorry and what was left of two cars. Made me think,
after all that could have been me. Yep, my life insurance is up
to date and my Will was renewed only last month. The family
would be well cared for and the mortgage repaid. Had I missed
anything?
The business. What would happen to that? We have two directors,
7 employees, an overdraft and lots of insurance. Public
Liability, professional indemnity, vehicles and stock are all
insured. We even have legal protection insurance. Had I missed
anything? I got to thinking.
Thank goodness it wasn't George in that accident. A great guy
and he's been with us five years. He's our top salesman. There
again what if it had been my co-director who also owns 50% of
the business? What would be the repercussions on the business?
Sales down, profits down, bank phoning all too politely to ask
about the Directors guarantee on the overdraft. Then I'd have to
try and buy his shares. I wouldn't want someone else to get hold
of those. At some stage I'd have to recruit someone of his
calibre to continue the company going forward - that wouldn't be
easy! And recruiting top people doesn't come cheap. That's more
time and more money. The personal problems ...... the
repercussions ........ the extra work ......... the extra stress
........
Oh heck, I don't want to think about it all. Quickly, switch
over to Radio 1 .
Does all this ring alarm bells with you? 95.2% of UK businesses
employ less than 10 people and these are precisely the
organisations most at risk from the impact of severe illness or
death of a key person. The risks of a key person being stuck
down with a long term illness or death are real. 1 in 5 men
suffer a critical illness before their normal retirement age.
Then there's the M1. The fact that it hasn't happened so far
might just mean your business has just been lucky.
Now to those actuarial boffins in insurance companies, risk and
luck are flip sides of the same coin. And they can provide
insurance cover for most risks. After all they too want to
increase sales. But they're scratching their heads about Keyman
Insurance. Most of Britain's 4.1million small businesses should
have it but few do. What can it do? It can be structured to:
Provide an income stream to the company whilst the key person is
incapacitated (compensation for the lost contribution from the
Keyman)
Provide a lump sum to the business in the event of death (pay
off the overdraft or simply bolster cash flow?)
Provide money for remaining shareholders to buy the shares from
the original shareholder or their estate
You'll need to talk to a Financial Adviser about these issues
but they are all insurable. Can your business afford to take a
risk it doesn't need to?
Memo to myself - get Keyman Insurance!
About the author:
Michael is the chief editor for Scrouge Life Insurance who offer
life insurance
quotes as well as much more. Futher reading on Trust + life insurance
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