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Share Protection

Financial protection for your client’s business if a shareholder dies (or suffers a critical illness).
Financial protection for your client's business if a shareholder dies (or suffers a critical illness).

  • Clients can choose the level of life cover and plan term they want.
  • Clients can take out cover on their own life or on the life of another.
  • Critical Illness option.
  • Protection against difficulties your client may have, in securing or re-allocating finance to purchase the deceased  shareholder’s interest or shareholding.
  • Cover available for Private Limited Companies, Limited Liability Partnerships, Partnerships and Sole Traders.
  • Suitable for use with Buy & Sell Agreement, Double/Cross option, Single Option Agreement & Automatic Accrual      arrangements.
  • Instant Decision Online (IDO) application system
  • Online ‘virtual underwriter’ enables you to get immediate completion of a case.
  • Inheritance Tax planning option - plans can be written under trust.


For further information please see the Key Features document.

Here are some of the facts you need to know about our Term Assurance plan which can be used for Share Protection.

CriteriaMin/MaxDetailNotes
Age LimitsMin Age16Plans can be taken out individually or jointly but the cash sum is payable on the first claim only.
Max Age89
TermMin term1 year6 years if critical illness option with reviewable premiums are selected
Max term50 years

50 years for Life Cover only
50 years if Reviewable Critical Illness is chosen
40 years if Guaranteed Critical Illness is chosen

Payment
Limits		Min premium

£5

Or £50 annually.
Monthly premiums must be paid by direct debit. Annual premiums can be paid by cheque or direct debit.

Maximum CoverNone (life cover only)NAMaximum cover is £2,000,000 with Critical Illness option.
Critical Illness Option

 

Min age

16

If your client chooses guaranteed premiums, the plan must end before the client’s 76th birthday. The maximum term of the plan is 40 years.


If your client chooses reviewable premiums, the plan must end before the client’s 91st birthday. The maximum term of the plan is 50 years.

 

Max age59
Max Cover£2,000,000

This includes any other Critical Illness cover that your client may already have with Aviva, the former company Norwich Union and/or any other provider.
If the cash sum is paid upon diagnosis of a critical illness, no further benefit is payable on diagnosis of a terminal illness or on death.


Critical illness cover pays out a lump sum if your client  is diagnosed with a critical illness that meets our plan definition and then survive for at least 14 days. We only cover the critical illnesses we define in our plan and no others.
Your client’s children are automatically covered under the children’s critical illness benefit.



Charges


There are no additional charges for clients to pay. All charges for our Term Assurance plan are included within a client’s monthly premiums.

Here is some information to help you to decide if our Term Assurance plan is right for your client.

Designed for customers whoNot designed for customers who 
  • Want to protect against the financial consequences of death for a defined term (could be personal or business reasons)
  • Have financial dependants
  • Have creditors
  • Want cover for a specified term  
  • Want an investment-linked arrangement
  • Want protection for the whole of their life
  • Want a cash-in value
  • Want a life insurance amount that decreases over the term of the plan
 Key considerations Possible alternatives
  • Level of cover required
  • Existing levels of cover
  • State of health
  • Financial liability assessment
  • Dependants
  • Succession planning if business protection
  • Trusts
  • Self-insurance (existing assets)
  • Whole of Life plan
Here are some examples of the support we offer you and your clients on our Term Assurance plan.

      • Quote / Illustrations online
      • Apply online
      • Prospecting Letters
      • Premium Equalisation Calculator
      • Specimen Agreements


    Case studies

     

    Key Person Protection, Share Protection or Business Loan Protection? View our Client Guide for case studies showing how different protection solutions suit different clients and how they make their decisions.

       

      Contact us


      We have a wide range of support staff available to help you, click here to find the right number that meets your needs.

    WA02178 06/2010

    Related documents

    For Adviser use only. This information has not been approved for use with customers.

    Aviva Life Services UK Limited.
    Registered in England No 2403746. 2 Rougier Street, York, YO90 1UU.
    Aviva Life Services UK Limited is authorised and regulated by the Financial Services Authority.