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Product overview
Term Assurance can provide financial protection to your business by paying a lump sum when a key employee dies or suffers a terminal illness* during the term of the cover. If the business has also chosen the optional Critical Illness Benefit, it can protect the business in the event of the key employee suffering one of the many critical illnesses covered by the policy.
Who needs it? Almost every business especially if:
- It depends on the knowledge and skills of certain individuals.
- Additional funds would be required to recruit new staff.
- You would need to compensate for loss of profit, due to the death or critical illness of a key employee.
*Terminal Illness means a diagnosed life expectancy of less than 12 months.
Your options:
- You decide how much financial protection the business needs to cover a period of staff transition known as the sum assured. There are several ways in which an individual can be valued. For example, a multiple of their salary or a percentage of their contribution to the profits of the business.
- You can choose who to cover and decide how long you need the cover in place.
- You can choose to pay an extra amount to make sure that premiums for your policy will continue to be paid in specified circumstances.
- You can choose to include Critical Illness Cover.
When you contact us we'll explain the advice services we offer and our charges. NFU Mutual Financial Advisers advise on NFU Mutual products and selected products from specialist providers.
Financial advice is provided by NFU Mutual Select Investments Ltd.
Financial advice is provided by NFU Mutual Select Investments Ltd.
