For those that choose to take protection advice LifeSearch will provide it through Scottish Widows’ business protection proposition.
LifeSearch has signed a deal with Scottish Widows to offer business loan protection advice to small to medium enterprise (SME) customers through Lloyds Bank’s commercial banking division.
For those that choose to take protection advice LifeSearch will provide it through Scottish Widows’ business protection proposition.
Tom Baigrie, chief executive at LifeSearch, said: “We’re delighted to be partnering with Scottish Widows on this initiative. In order to offer the best in business protection, you need a combination of good quality service and support from the provider plus advice and real consultancy.
“Considering the level of growth in the UK’s SME sector, there is great need for such a combination of expertise.
“Research reveals a 60% gap between those that need business succession cover, for example, and those that have cover in place.
“In other words, there are a large number of firms out there that might suffer disruption to their business or may even have to cease trading if a key person, shareholder or partner died.”
There were 5.5 million private sector businesses in the UK at the start of 2016, an increase of 97,000 since 2015 and 2 million more since 2000.
Alun Beynon, Scottish Widows’ head of intermediary distribution, protection, said: “This is a specialist area requiring advice and it makes great sense for us to team-up with a company like LifeSearch which has an impressive track record in delivering protection advice.
“It’s clear that many business owners have not safeguarded their companies from the unexpected and are unaware of policies which can protect against possible financial losses from situations such as the death or serious illness of a key individual within their business.”
