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Summary
A flexible insurance package which protects up to 4 business owners, directors, partners or key employees.
Benefits include:
- Lump sum payment in the event of death.
- Regular income in the event of accident or sickness.
You can protect newly agreed commercial loans, overdrafts and mortgages of up to £50,000.
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Commercial Payment Protection Insurance @ a glance
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Eligibility
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Each insured person must meet the following conditions on the start date of the policy:
- aged between 18 and 55
- a resident in the United Kingdom
- an owner, director, partner or key employee of the business
- employed by the business for at least 16 hours a week.
Each person insured will have to confirm a series of medical statements (included within the application form). If they are unable to do so, this cover is not available.
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Flexibility
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- You can choose whether you want to cover each key person for accident and sickness for the full repayment amount or each person for a different amount in proportion to their contribution to the business.
- Whilst all insured key employees must take life cover, you may decide to cover some key employees for accident and sickness as well. The choice is yours.
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