In 2013 I met with Pete, Simon and Martin, they had recently formed a partnership and purchased shares in a professional practice. As a partnership they had taken out a significant bank loan to finance the purchase, for which they all had joint and several liability. When I first met the three business partners I was impressed by their energy and enthusiasm. They had made significant financial investment in the practice and were excited about their future. My primary concern was to protect their business interests from the financial impact of a serious illness or death, in this way we were also able to protect the current and future financial security of themselves and also their family.

I advised upon;

  • Shareholder protection – including critical illness cover
  • Partnership Key Person protection-  including critical illness cover
  • Business loan protection-  including critical illness cover

 

The total monthly premium for all 3 plans was less than £90 pm.

A year into the policies, it was a shock when one of the partners, Pete suffered a stroke at the age of 33. I visited him at home and supported him and his partner throughout the claims process. In the early days his recovery was uncertain but happily his strength and energy quickly began to return. All 3 business protection plans paid out in full and provided the funds required to enable the following;

  • The company repurchased Pete’s shares
  • The partnership loan was repaid in full
  • A significant lump sum was made available to Pete to support himself and his family through his financial recovery

Happily Pete has now returned to work for the same organisation, in a less demanding role. The partnership loan has been repaid in full therefore there are no further monthly payments to meet, and Pete has the additional financial security of a significant ‘emergency fund’ to support his family in the future. I am also delighted to hear that since the stroke Pete has become a proud father to a beautiful son and daughter and the future looks bright for the family. I was pleased that Williams Financial Planning were able to have played a small part in this.

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