Financials. Articles and agreements. Professional advisers

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3 Financials Financials for the last 3 years Year Year Year Turnover Gross profit Net profit before tax Profit after tax Dividend No. of employees Value of the business Who calculated value? Year end date Articles and agreements What are the share succession provisions in the articles/shareholder agreement on death or long-term sickness? Are these in line with owners wishes? Is there a share purchase agreement? Y/N If so, is it fixed or market value? Is it an option or binding agreement? Professional advisers Accountants Name and address Contact name and phone Has the adviser discussed business protection? Solicitors Bank What is the relationship with the bank? Business protection fact find limited companies 3

4 Ownership and key personnel Life 1 Life 2 Life 3 Life 4 Title First name Second name Sex Date of birth Smoker Y/N Telephone PAYE earnings Dividends Benefits in kind Total remuneration Position Why is this person key to the business? What do they do? Is there a successor in place? What effect would their loss have on the business? How much gross profit do they contribute? How long would it take to recover? What replacement costs would there be? Are there any director loans in place? Is life cover in place to repay the estate? 4 Business protection fact find limited companies

5 Ownership and key personnel continued Life 1 Life 2 Life 3 Life 4 Share held Not-voting shares % % % % % % % % What will happen to the share on death? How will the remaining owners be able to buy these shares? How will the estate get fair market value? Are there any other business interests? Existing covers Life 1 Life 2 Life 3 Life 4 Key person cover Existing cover type Provider Term Sum assured Premium Who owns the policy? Under a business trust? Who will the benefit be paid to? Is cover appropriate? Business protection fact find limited companies 5

6 Existing covers continued Loan cover Life 1 Life 2 Life 3 Life 4 Existing cover type Provider Term Sum assured Premium Who owns the policy? Under a business trust? Who will the benefit be paid to? Is cover appropriate? Ownership cover Existing cover type Provider Term Sum assured Premium Who owns the policy? Under a business trust? Who will the benefit be paid to? Is cover appropriate? 6 Business protection fact find limited companies

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8 Other information Client signature signature date Adviser signature signature date Bright Grey is a division of the Royal London Group which consists of The Royal London Mutual Insurance Society Ltd and its subsidiaries. The Royal London Mutual Insurance Society Ltd provides life and pension products, is a member of the Association of British Insurers, is authorised and regulated by the Financial Services Authority No and is registered in England and Wales No The registered office is 55 Gracechurch Street, London, EC3V 0RL. Bright Grey is a member of IFA Promotion Ltd. PC1673A.0910

9 The key people in your business Business name Name Name Name Name Business protection cover calculator Reasons for cover Amount of cover Bank loans (A) Proportion of bank loans attributable to each key person or Amount of loan where full cover is needed on each key person (Maximum 750k Life Cover and 500k Critical Illness Cover) Proportion of overdraft attributable to each key person Owner s loans (B) Director or partner loan/current accounts (in full) Contribution to profit (C) Contribution of each key person to the gross profit of the business multiplied by years to recovery (maximum 2 years) or Contribution of each key person to the net profit of the business multiplied by years to recovery (maximum 5 years) Replacement costs (D) Agency fees Salary/pensions/bonus Car lease Other training/relocation, etc. Other costs (E) Give details over the page. Insert figures here Total Key Person Cover A + B + C + D + E Death in service (relevant life policy) Multiple of salary to produce lump sum for dependants Value of business share Accountant s market value or Owner s estimated value of assets and goodwill Note: figures subject to acceptance following financial underwriting.

10 Bright Grey is a division of the Royal London Group which consists of The Royal London Mutual Insurance Society Ltd and its subsidiaries. The Royal London Mutual Insurance Society Ltd provides life and pension products, is a member of the Association of British Insurers, is authorised and regulated by the Financial Services Authority No and is registered in England and Wales No The registered office is 55 Gracechurch Street, London, EC3V 0RL. Bright Grey is a member of IFA Promotion Ltd. Other costs Additional information PC1478A.0511