Frequently Asked Questions

Here are some of our Frequently Asked Questions, if your question isn’t answered or you are still unsure, please contact us today using the button below.

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How Fatgreen Can Protect You And Your Business

Why You Need Guidance When Taking Out Insurance

Why We Work In The Insurance Industry

What Is In The Name Fatgreen?

What Makes Fatgreen Different From Other Insurance Firms?

The Benefits of The Insurance Industry

Personal Insurance – My Mother Received A Cash Lump Sum which Paid Off our Household Debts

Personal Insurance – Income Protection Policy- How Our Income Protection Policy Can Help You

Personal Insurance – Why You Need An Income Protection Policy

Personal Insurance – Critical Illness – Income Protection Insurance (Providing for Family)

Personal Insurance – Critical Illness Cover – Accessing Capital When Suffering From Illness

Personal Insurance – Helping You Maintain Your Lifestyle During A Crisis

Personal Insurance – Are State Benefits Enough to Fund Your Lifestyle If You Could Not Work?

Do You Need Help Understanding The Insurance Industry?

Do Young People Need Life Insurance?

Business Insurance – How To Award Yourself Life Insurance That Is Paid For By Your Company

Business Insurance – Business Loan Insurance – Have You Signed A Directors Personal Guarantee?

Business Insurance – Why Do You Need To Protect Your Business?

Business Insurance – What Would Happen If One Of Your Shareholders Died?

Business Insurance – How Could You Buy Back Shares From The Spouse of a Deceased Shareholder?

Business Insurance – Relevant Life Protection – Do Your Staff Feel Valued?

Business Insurance – Relevant Life Insurance- How a Company Pays Your Life Insurance and Saves Tax?

Business Insurance – Preparing For An Economic Boom Following The COVID Pandemic

Business Insurance – Post COVID, Have You Protected Your Business?

Business Insurance – How Catastrophic Would The Loss of a Key Man Be To Your Business?

Business Insurance – Key Man Insurance – How Would Your Business Cope With the Loss of a Key Man?

Business Insurance – What Is The Most Important Business Asset?

Business Insurance – Have You Safeguarded Yourself with Business Loan Protection?

I have a successful business with a bright future, why do I need Business Protection?

Your business may be prospering today but life is full of unforeseen events.

How would your business cope if you, a shareholder or key member of staff was diagnosed with a critical illness or unexpectedly died?

Business Protection provides liquidity in a time of crisis enabling you to minimize disruption ensuring business continuity and sustainability.

I own a start-up with little value, why do I need Business Protection Insurance?

Start-ups rely on a small team of Key Persons.

Death or incapacitation of a key individual could mean the end of business before it realises its potential.

Business Protection Insurance could pay off start-ups costs, and or cover the cost of hiring a replacement.

Business Protection is an expensive luxury

How much investment and income would you lose if your business collapsed following loss of a Key Person?

Protecting your hard work and achievements could be less than 1% of your company turnover.

I am young and healthy, Business Protection is not relevant to me.

No-one is immortal and insusceptible to Illness. Sadly, people of all ages are affected when least expected.

The younger someone takes out a policy the cheaper it is. Fatgreen recommend arranging cover based on what you need to protect, not age or health.

If I cannot work due to sickness we could sell our home and downsize?

Few people relish downsizing, especially if they have children.

Selling a home and downsizing is not easy, especially if you are incapacitated following illness.

Critical Illness and or Income Protection provide access to capital helping maintain your standard of living.

If I cannot work due to sickness how can I provide for my family?

Statutory sick pay is £95.85 per week and Employment Support Allowances are circa £70 – £100 per week.

Most families would struggle to survive financially on Long-Term Sickness benefits.

Critical Illness and Income Protection can provide a one of payment or regular monthly income helping maintain your standard of living.

Should I chose Critical Illness or Income Protection insurance?

Both have their merits.

Critical Illness provides a one-off cash lump sum which can help modify a home to accommodate a family member suffering from a long-term Illness.

Income Protection provides a regular monthly income until the incapacitated can return to work or retires.

I am the only key person in my business?

Successful businesses usually require successful teams which include Key People essential to growth and stability.

A Key Person is not just the boss but individuals who create a successful team.

Key Man insurance can help protect your business from financial instability following the loss a key member of your team.

Why do I need Key Person insurance?

Loss of a Key Person can have a dramatic impact on a business finances.

Colleagues, clients, suppliers and financiers need reassuring there is a contingency plan protecting the business from disruption.

Key Person Protection helps by providing cash which stabilises business finances and funding the cost of a replacement.

If a shareholder dies or becomes incapacitated could you prevent their stock being sold to a competitor?

Both have their merits.

Shareholder agreements clarify how to transfer shares from a deceased shareholder, but not a “right to buy”.

Without a “right to buy” the deceased shares can still be sold to the highest bidder.

We recommend including a Cross-Option agreement with “right to buy” into the Shareholder agreement.

My shareholders are family members, why do I still need Shareholders Protection Policy?

Both have their merits.

You may want to buy shares from a family member but how would you finance the buy-back?

Shareholder protection can be structured to provide liquidity to buy-back shares providing family members with a lump sum of cash.

If I had to buy-back shares from a deceased shareholders spouse how would I finance purchase?

Depending on the value of your business, shareholders stock could easily be worth six or seven figures. Few SME’s have enough cash reserves available to buy-back stock. If they have enough cash that capital maybe required to manage cash-flow.

Rather than borrow money to buy-back stock, Shareholder protection provides access to capital following death or incapacity of a shareholder. The capital can be used to buy-back a deceased shareholders stock.

My business has a commercial loan, do I need Business Loan Protection Insurance?

Business Loans typically require a Director Personal Guarantee and or collateral such as a family home.

Following death or incapacitation lenders require debts to be paid off which may require sale of a family home.

Business Loan protection provides access to capital which can be used to pay off debts whilst protecting your family and their lifestyle.

I have a mortgage and my own business. Can Relevant Life Protection provide me Life Insurance cover whilst saving me and my business money?

Life Insurance premiums are typically paid monthly via individuals taxed income.

Relevant Life protection provides Life Insurance for individuals paid for by a company.

Relevant Life Protection is not deemed a benefit in kind therefore premiums can be offset as an expense reducing corporation.

How can Relevant Life Protection help my business secure top performing employees and help retain existing staff?

Enhanced employee benefits make existing and potential future staff feel valued and create a positive impression of an employer.

Positive impressions help attract better quality staff and staff who feel valued are often more productive and loyal which is reflected in lower attrition levels.

Are my company and employees better provided for with a death in service scheme or Relevant Life Protection?

Death in service schemes aim to provide a solution catering for all members of staff whilst spreading the costs evenly across employees.

Staff typically have specific individual needs unaddressed by a “one size fits all” death in service scheme.

Relevant Life Policies are tailored to individual specific needs and require much less management administration.

Can I add Income Protection or Critical Illness to my Personal, Family or Business Protection Policy?

Income Protection or Critical Illness can be added to your Personal, Family or Business Protection Policy or can be acquired as individual stand alone cover.

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    nick green

    peter@fatgreen.co.uk

    0333 050 0088

    07866 751 415

    Connect with Peter on LinkedIn

    Peter Blacklock
    Peter is one of the UK’s leading Insurance and business advisory specialists with a track record of building and selling Insurance businesses.

    He advises boards and investors in the capacity of CEO, C.A.P.O.W. Consulting, drawing on three decades of experience. Peter’s knowledge of Insurance is unrivalled having had extensive exposure to personal, family and business protection insurance.

    Peter is passionate about the North of England and a life-long Sunderland fan and sports coach.

    nick green

    Anny Lian

    anny@fatgreen.co.uk

    0333 050 0088

    07908 355 781

    Connect with Anny on LinkedIn

    Anny was an Investment Banker and CFO of a high-growth company working across Asia, America and now Yorkshire.

    With a background in Finance, Anny understands the importance of protecting investments whilst ensuring company finances are insured against life’s unforeseen challenges.

    As an active member of the UK SME sector, Anny accepts invitations to encourage and mentor aspiring future female business leaders.

    nick green

    Nick Green

    nick@fatgreen.co.uk

    0333 050 0088

    07985 219 763

    Connect with Nick on LinkedIn

    At heart, Nick is an entrepreneur who has co-founded two companies, including Fatgreen. Fatgreen arrange Business Protection insurance solutions for SMEs, Private Equity and Venture Capital Investors.

    Prior to co-founding Fatgreen, Nick spent two decades in Executive Search, providing recruitment solutions for Investment Banks, Private Equity firms and their portfolio companies. Having dealt with people all his career, he understands the intrinsic link between creating financial value and people.

    Nick appreciates how hard it is to appoint exceptional talent, hence the need to reward staff through enhanced benefits such as Relevant Life Insurance. As life is uncertain, Nick is passionate about protecting companies from the financial costs associated with losing a Shareholder or Key Person.

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