Protect what matters most
We all need to protect ourselves and our loved ones against the financial problems that follow serious illness and death. As a business owner, there will be additional concerns if you were to fall victim to either, be it the benefits you are entitled to in the case of serious illness or the future running of the business in the case of your death.
What would happen to your family if you died prematurely?
- Would they take over your share of the business?
- Would the remaining shareholders have the funds needed to buy your share back from your family and has this plan been formalised?
What would happen to your business if a co-owner died prematurely?
Would you maintain control of the business?
Do you have the funds to buy back their share of the business from their family and has this plan been formalised?
It won’t happen to our business
Many business owners believe that it simply won’t happen to them. The chances of a partner or director, in a small business dying or becoming seriously ill before retirement, are probably a lot higher that you might think.
Many problems can arise for a business when a partner or key employee dies
prematurely or becomes seriously ill. The lack of credit to small businesses could result in some surviving business owners having insufficient funds to purchase a deceased owner’s share of the business or in some incidences getting into financial difficulty because of a key employee’s death.
If you have an investment property, ask yourself:
- Does it form part of your financial plans?
- Has its value decreased in recent years to the point where it may actually now be a burden to your family instead of the safety net it was meant to be?
- If you died, would you like to leave it mortgage free?
Life Choice Assets – gives you real peace of mind
Life Choice Assets is New Ireland’s business protection plan. It is for individuals who want to ensure that their business or investment property will provide their family with financial security in the event of death or serious illness. It’s second to none in terms of flexibility and value for money. Life Choice Assets can be used to:
- Provide funds needed to buy out a deceased partner’s share of the business
- Provide for a deceased business owner’s family in the event of premature death
- Ensure a surviving business partner retains ownership and control
- Avoid the need for personal loans to be taken out
In the case of an investment property, Life Choice Assets can be used to:
Pay off some or all of the outstanding mortgage on the investment property
Reduce the burden of monthly payments for dependants
Provide a valuable asset for dependants
You can’t predict the future but you can plan for it
While we all hope and often believe it won’t happen to us, the reality is that people throughout Ireland are affected by unexpected illness and premature death every day. In the 6 years from January 2010 to December 2015, we have paid out over €591 million in protection claims to families impacted by ill health, serious illness and unexpected death.
Click here to view a summary of claims paid out in 2015 alone.
For a further look at the benefits of having a protection plan in place read our Life Choice – Financial Protection Overview (Summary). For a more detailed look at the cover available, please read our Life Choice – Financial Protection brochure. Alternatively, you can contact a Financial Advisor.