Aegon’s recent launch of its business protection toolkit coincides with a sharp rise in the number of limited companies in the UK over the past decade, many of which have unmet protection needs.
As such, it is good news that this toolkit has arrived on the scene to help advisers connect with business owners – particularly companies with just one employee or director – to discuss their protection requirements.
The toolkit includes introductory sales literature, ready made trust forms, relevant life and premium equalisation calculators, and comprehensive technical factsheets.
This provides an adviser with a great deal of background knowledge so that they can better discuss business protection with their clients.
Aegon’s introduction of this toolkit is a hugely welcome and proactive move.
Advisers have a duty of care to discuss business protection and company succession planning with clients, so any resources that make this easier are a huge bonus.
The guides are snappy and relevant; providing clear and easily-digestible information for advisers who may not previously have had the confidence to raise these issues with clients.
Clients often come to us – whether they be small start-ups or large multinationals – tasked with finding business protection, and the common theme is how difficult it can be to find expert help.
We hope that the introduction of the toolkit starts a wider conversation around business protection.
Whether this is key man insurance, shareholder protection, business loan insurance or protection for the director themselves – such as executive income protection or relevant life insurance – it is time we started addressing the unmet protection needs of companies and their owners.
Rob Harvey is head of protection advice at Drewberry