What would happen to your business if a senior or key member of staff suffered a critical illness or died prematurely? Profits, clients, business loans, responsibilities to staff and plans for the future may all be at risk if you don’t have the right kind of business protection.
A Level Term Assurance policy gives you the peace of mind in knowing that your business will be provided with a lump sum to help ensure it can carry on with its day-to-day activities. The amount of cover will remain level throughout the term of the plan.
Risk Factors
It is vital that all the questions on the application are answered fully, truthfully and accurately and that the life insured tells us about their medical history in full. Failure to mention something could result in the policy being inappropriate for your business protection needs and may invalidate any future claim made.
If premiums aren’t paid, the policy and cover will end 30 days after the last premium was due and you will get nothing back.
If critical illness cover is chosen, Aviva will only pay out if the life insured is diagnosed with a critical illness that meets the plan definitions and then survives for at least 14 days.
This policy has no cash-in value at any time.
Inflation may reduce the value of the cover.
Key Features
Provides a lump sum to help your business deal with the unexpected
Provides the option to include Critical Illness Cover within the plan
Offers the facility to protect premiums if the life insured is unable to work due to accident or illness
Terminal Illness cover before the last 18 months of the plan
The life insured must be aged between 16 and 89 at the start of the plan (other age restrictions will apply depending on the options selected and term of the plan)
The life insured must be a UK resident at the time the cover is taken
Premiums can be paid monthly (minimum £5) by direct debit or yearly (minimum £50) by cheque or direct debit
If you would like to know more about the risk factors and key features of Level Term Assurance, please contact your local branch to speak with a Financial Planner.
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