Updated: December 14, 2022
Compare Shareholder Protection Insurance Quotes
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With lots of highly-respected providers available to offer quotes for shareholder protection insurance it can be difficult, when making a comparison, to decide which is the best option for you and your business.
This article takes a closer look at how you can compare any quotes you receive for shareholder protection insurance, what differences may exist between each provider’s solutions and also what to look for if you want to include critical illness cover.
The following topics are covered below...
How do I make a comparison between the quotes I receive for shareholder protection insurance?
In order to make a meaningful comparison of any quotes you receive for shareholder protection insurance there are a couple of key points you need to consider:
- What level of life cover do you require and for how long?
- Do you want a standalone life policy or do you want to also include terminal illness and critical illness cover?
Once you’ve given due consideration to these questions, you can then proceed to the next stage and seek relevant quotes so you can more accurately compare the different shareholder protection cover available.
The important thing to remember when making a comparison of any quotes you receive from different shareholder protection providers is that the cheapest premium may not always represent the best value for money or offer the level of cover that best suits the exact needs for you and your business.
What information is required in order to receive a quote?
If you approach a shareholder protection provider directly, there’s a certain amount of information they will need in order to produce a quote for the cover you require. The more information you’re able to offer at this stage, the more accurate a provider can be with the premiums they can offer.
The typical information a provider will ask for would be:
- Total number of shareholders you’re looking to provide cover for
- The amount of cover and length of term required
- Age of each shareholder
- Lifestyle (smoker/non-smoker status, for example)
- Brief medical history and current state of health
- Occupation / line of business
For the purposes of receiving a quote, most providers may only ask for brief details regarding your current state of health and medical history in order to establish whether shareholder protection can be offered (or if a premium may need to be loaded).
If, for example, one of the shareholders has only recently recovered from a particular health condition (say, a heart attack within the last 12 months) then a provider could state straight away that they would not be able to offer this type of cover.
The same applies with questions regarding your occupation or line of business. If a group of owners for a freestyle rock climbing or deep-sea diving company, for example, want to receive a quote for shareholder protection from a provider who would not be able to offer cover for such a business then this request would be declined.
Once you’ve provided all the necessary information, and the insurer has confirmed their acceptance, they can then provide a premium quote for the level of cover you require.
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How do I compare quotes for which include terminal or critical illness cover?
When making a comparison of any quotes for shareholder protection, including terminal and/or critical illness cover, the biggest factor to consider is the range of illnesses and conditions which are covered by the policy.
Naturally, the size of the premium will also be a factor. However, if the difference is minimal between two particular quotes where the more expensive premium provides the most comprehensive cover, this may represent the best value for money in the long term if the policy covers a wider variety of conditions.
How to find the most competitive quotes
The first, and most obvious, place to look for quotes would be via the internet and this is certainly a good place to start. However, if you want to find providers who can offer the best quotes for the type of cover that suits your business then your best option is to use the services of an experienced advisor.
The advisors we work with already have a firm understanding of which providers can offer the most competitive quotes for you to compare. If you make an enquiry we can arrange for an expert to get in touch and help you get started.
Is an up to date business valuation needed for any shareholder protection cover quotes?
Valuing a business will, ultimately, be a necessary task for any company who wishes to purchase a shareholder protection policy as the sum assured is directly correlated with each owner’s share.
So, for example, if one shareholder owns a percentage of a business worth £200,000 then the amount of life cover required would need to match this valuation and so on until 100% of the business is covered.
However, for the purposes of a quotation, a provider may only require an indicative estimate of the value owned by each party before an official valuation is completed and written into a shareholder agreement.
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Should I use an online shareholder protection insurance calculator to make a comparison?
There are many online calculator tools which can be helpful in showing you how to calculate a premium quotation for shareholder protection which you can then use to compare against any other quotes you’ve received.
However, it’s important to stress that an online calculator can only provide a very rough indication of what the cost of premiums may be. If you want to receive a more accurate quote the best way forward is to contact an independent advisor.
We work with independent financial advisors who can arrange quotations from providers who are best placed to offer the level of shareholder protection cover you require.
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If you’re interested in shareholder protection insurance and would like to speak with an expert in order to find the best quotes for this type of cover, give us a call on 0808 189 0463 or make an enquiry to get started.
All advice is free and any information is always given in the strictest confidence.
Ask a quick question
We can help! We know everyone's circumstances are different, that's why we work with brokers who are experts in shareholder protection insurance. Ask us a question and we'll get the best expert to help.
Richard Angliss
Finance Expert
About the author
Richard Angliss has made a career in financial services which stretches over 40 years.
His early career was spent learning about the various financial products and applying them to prudent advice, working for one of the largest life assurance and investment firms. After that he joined the financial services arm of a very well-known firm providing independent advice to their 8 million customers.
For the last 20 years he has been involved in building software solutions that help Advisers and clients work together to achieve good financial outcomes and helping to set up three independent advisory firms. He also has written many articles for financial services publications and provided commentary for newspaper journalists.
At an early stage in his career he realised the great satisfaction that comes with being able to help people achieve their goals and protect their families. “Regulation of financial services has hugely impacted on ensuring people get appropriate advice. The issue these days is access to that advice and just as importantly regular reviews to make sure that everything stays on track”.
With the growing development of online resources such as Online Money Advisor he sees a great future for people to access advice to make their pension and investment work harder for them. Plus, of course, to ensure they have insurance products in place that will be required when unforeseen events happen.
He knows getting that balance right is crucial to prudent financial planning and the wellbeing of individuals and their families.
