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When setting up protection for shareholding directors or partners you should consider arranging to even out any differences between the payment that each is making to their plans. This is known as equalisation of premium or payment.
This calculator gives you a quick way to show how to achieve a fair distribution of costs. It allows you to enter the name, percentage share, amount of cover and payment for each person and will then tell you how much each of them should be contributing in proportion to the potential benefit each will receive. You can use this calculator for businesses with up to 10 owners and once the calculation is complete you can leave a copy with your client.
Equalisation of payment calculator
How to use this tool.
Simply type in your client's business name and then select from the drop down box the number of partners or shareholders covered. You can then add their details into the calculator. Once you've completed all the relevant information click on calculate to find out the equalised premium. You can save as a pdf and then you can print off a copy for your client.
Bright fact
2.2 million people of working age will be off work for at least 6 months because of sickness and disability
Source:
www.which.co.uk, October 2011
