Impaired Risk Services / Poor Health Insurance

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Let's Talk Mortgages has appointed Impaired Risk Services as a business partner to advise its clients on Impaired Risks, special risk occupations, hobbies and sports

IRS is an insurance broker specialising in finding affordable life assurance policies for people with pre-existing medical conditions such as diabetes, cancer, depression, heart problems, HIV, crohns, or any number of other conditions. They also specialise in special risk occupations, hobbies and sports.

They strive to make the experience of applying for insurance as straightforward as possible.

Their new ‘Fastrack' system allows them to process your case in a fraction of the time a conventional application would take.

They make no guarantees to help 100% of the time, but believe that where insurance is possible, they are the people to deliver.

Partnership Insurance

In the interests of financial security, business stability and continuity, it is essential for partnerships to provide a safety net following the death of a partner. There should also be a partnership agreement in place that specifies that the partnership should continue on the death of a partner. If this is not in place then in England and Wales, on the death of a partner, the partnership is automatically dissolved. (Partnership Act 1890).

Partnership Protection is usually put in place to ensure that, on the death of a partner, their share of the partnership is available for the other partners to buy and there is sufficient cash available to buy the share.

This is normally done by:

• Taking out a life insurance policy for each partner to the value of their share of the partnership.
• Placing these life insurance policies in trust so that any payout is available to the remaining partners without any tax implication.
• Setting-up a Cross Option Agreement between the partners so that if the options are exercised, the holder of the share must sell them and the other partners must buy them.

The risk of not setting up some Partnership Protection is as follows:

• Their share may go to the deceased's family, which has no interest in the business and may prefer a cash lump sum.
• The Partnership or other partners may not have the resources to buy the deceased's share of the Partnership.
• The share may be taken over by someone who does not share the Partnership's objectives, and they may even be a competitor.

Key Man Insurance

Key Man Insurance is essentially a form of life insurance for businesses. It is generally taken out by a business to compensate that business for financial losses that would arise from the death or extended incapacity of the member of the business specified in the policy, and in turn ensure the continuity of the business. The policy does not cover actual losses incurred, but instead compensates with a fixed monetary sum as specified on the policy itself.

There are generally three categories of loss for which Key Man Insurance can provide compensation:

• Protect losses related to the extended period when a key person is unable to work; to provide temporary personnel; and, if necessary to finance the recruitment and training of a replacement.
• Protect profits such as offsetting lost income from lost sales; or losses resulting from the delay or cancellation of any business project that the key person was involved in; or loss of opportunity to expand, loss of specialised skills or knowledge.
• Protect anyone involved in guaranteeing businesses loans or banking facilities. The value of insurance cover is arranged to equal the value of the guarantee given by the key person.

As a result, a Key Man can be anyone directly associated with the business whose loss can cause financial strain to the business. For example, they could be a Director of a company, a Partner, key sales people, key project managers and people with specific skills or knowledge which is especially valuable to the company.

Shareholder Protection Insurance

Shareholder protection is about considering what might happen to a business in the event of a shareholder dying or becoming seriously ill. If one of these events was to befall a shareholder (particularly in smaller private limited companies with few shareholders) then the financial security of the business could be at risk, the stability of the business could be at risk, and the continuity of the business could be at risk. By providing a safety net by taking out one of these schemes, you will:

• Have the option to give the shareholders family a lump sum of money rather than the shares belonging to the deceased shareholder, as the family might not have any interest in the business.
• Keep the option open for the remaining shareholders (or the company) to retain control by buying the deceased shareholders shares (but without the policy would not have had the financial resources to do so).
• Stops the shares going to someone who does not share the same vision as the other shareholders regarding the direction of the company, or worse falling into the hands of a competitor.

For advice and quotes on any of these insurances complete the FREE enquiry form or phone 01382 480 430. Also please use our self-service quoting system for a selection of other insurance products that could save you money and provide valuable protection.