Business Protection covers the individual people you nominate in your policy or policies. If one of these people dies, is diagnosed with a terminal or critical illness or is unable to work as a result of accident or sickness, we pay benefits in one of three ways.
- For life cover and critical illness protection, we pay a lump sum on death or after diagnosis of one of the specified illness.
- For business loan protection, we also pay a lump sum. However, this reduces to nil over the course of the policy (so, for a policy with benefits of £50,000 over 10 years, the benefit payable would reduce by £5,000 each year).
- For income protection, we pay the benefit monthly direct to the company.
At any time, you can increase or reduce your level of benefit, or increase or reduce its term. You can add or remove both main and additional benefits, add or remove people from the policy, and change the payment frequency and deferred period.
Common questions
What additional benefits can be used to tailor a Business Protection policy?...
Further information... Who should I talk to?
Speak to your financial adviser to find out more. If you don't have an adviser, the IFA Promotion Service or the Society of Financial Advisers can help you find one.