Partnership Insurance is a form of Life Insurance that provides compensation to the remaining Partner in this event in order to allow them to buy the deceased person’s share of the partnership from their next-of-kin.
In the midst of running your business it is all too easy to overlook performing due diligence on the very asset that keeps all of the above in check, you.
This is where the need for a life assurance business arrangement comes into play and while there are a number of structures that can be enacted, for the purpose of simplicity, Corporate Co-Director Insurance is also referred to as shareholder protection.
In order for any business to ‘keep going’ it needs to ensure that its key people are properly motivated and remunerated for the expertise, value, and insight that they add. But what happens if those key people can’t keep ‘going’? If their stopping has major financial and operational ramifications for the business. If that person became seriously ill or even passed away suddenly, what safeguards do you have in place?
Thankfully, this gap can be bridged to compensate for these unknowns by taking out Keyperson Insurance on those key members of staff that are critical to your business’ success.
Life Insurance offers a man the only way where he can make his Will before he makes his money. Whoever said this was right but how does it happen? How is the cost calculated? What types of cover are there? And what is the true benefit of it all? It’s worth exploring these questions further.
Oscar Wilde once said ‘It is better to have a permanent income than to be fascinating’. That begs the question, what is a permanent income and just how permanent is it? Can you protect your income if you have one? The answer is yes and the this is the essence …