Legal & General has significantly reduced its rates for business protection quotes.
Legal & General offers three key types of business protection:
- Key person
- Director or Partner share protection
- Business Loan protection
The core products are level or decreasing term with optional critical illness cover and whole of life protection.
Key person protection is designed to provide a financial buffer in the event of a key person dying or becoming unable to make their normal contribution to the business, e.g. through Critical Illness. The cover is written on the life of the key person, and usually owned by the employer, so that any money due becomes payable to the business. This type of insurance can also be taken out against a business loan or overdraft. This covers the business against the loss of someone upon whom the business is dependent for repaying its loans. Director or Partner Share protection ensures that if a shareholder (or partner) dies then the surviving shareholders (or partners) can purchase the deceased's share of the business.
Life insurance: News update: July 2008