Business succession insurance

An adviser is able to generate business succession recommendations by implementing the following steps:

Step 1: A key person must be created under the company section within the Fact Find template.

Step 2: The adviser must create a business insurance model within the insurance needs template:

Step 3: Within the business succession section of the template, the adviser is able to specify the type of business succession insurance they wish to cover. The options available are:

• Life;
• TPD;
• Trauma

Step 4: An adviser can specify the required buy out amount for the nominated key person for both Life & TPD. This will be the recommended sum insured.

Step 5: To calculate the required trauma insurance, specify the amount of medical costs you wish to cover upfront and/or specify the specific trauma events you wish to cover. The amount of cover provided for each event was specified here: See trauma assumptions