"In an economy that is becoming increasingly reliant on the success of smaller businesses, it is crucial that providers such as LV= continue to help advisers to support their business owning clients."
LV= is holding a series of CPD qualifying webinars on business protection, highlighting the underlying risks for businesses in the event of an owner’s death and how advisers can deal with them.
LV= offers key person cover, share and partnership protection, and relevant life cover.
Key person cover is there to protect the business against any recruitment costs and other losses if an integral worker with specialist knowledge dies, or is diagnosed with a critical illness. This would mainly benefit SMEs, which account for 98% of VAT registered businesses.
share and partnership protection is for limited companies or partnerships, so that if a business owner is diagnosed with a critical illness or dies, the other shareholders or partners have the funds available to purchase that business owner’s share and retain control.
Relevant life cover is a tax-efficient life insurance policy, designed to be taken out by employers to provide death-in service benefits to their employees, so that if an employee dies or is diagnosed with a terminal illness, their family will receive a tax-free lump sum.
Two webinars on shareholder protection and relevant life cover are scheduled this month, and are open for advisers, intermediaries and others within the protection industry to join.
Marcus Primhak, business protection manager at LV=, said: “The on-going popularity of our webinars proves, once again, that advisers recognise how important business protection is. In an economy that is becoming increasingly reliant on the success of smaller businesses, it is crucial that providers such as LV= continue to help advisers to support their business owning clients.
“We have built our business protection proposition and products from the ground up, with the needs of businesses and employers firmly in mind. Rather than simply adapting personal products to fit a significantly different market, we have ensured that both our core product and value added benefits such as LV= business care reflect the financial and pastoral support that businesses need if they suffer the unexpected loss of a key employee or owner.”