This plan carries no cash value at any time and will end when the term does. Coverage lapses if you don’t maintain premiums. Also, the policy might not cover every type of critical illness. For specific illness definitions covered, please check the Policy Documents.

Protecting Your Business Partnership

A major risk in business partnerships is the possibility of a colleague’s death leading to their business share passing to someone else. This new owner might not have any interest in the business or, worse, might oppose your goals. Similarly, if a partner suffers a serious illness, they might wish to continue in the business or receive compensation for leaving.

We’ve designed a pre-arranged scheme as a safety net. This ensures surviving partners have sufficient funds to buy out the deceased’s business interest or compensate their family.

Consider these options:

– Obtain life cover to fund the purchase of the deceased’s business interest.
– Get advice on an agreement to keep the partnership going and compensate the deceased’s dependents.
– Make arrangements for partners who retire or who become too ill to work.

Benefits for Partners

In case of a partner’s death or serious illness, it’s essential to ensure your business runs smoothly. Our Partnership Protection outlines procedures and policies for maintaining control:

– Set up agreements, insurance, and trusts to protect the business from the financial and operational impacts of a partner’s death or critical illness.
– Make arrangements that prevent your partnership from automatically dissolving.
– Safeguard your business interests from hostile parties or indifferent inheritors.
– Ensure funds are available to buy the deceased partner’s interest at fair market value.
– Maintain business prosperity and continuity.
– Avoid selling assets to cover the departed partner’s interest.
– Keep employees and customers confident in your business.