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Details on eligibility, cover options, limits and additional benefits can be found in the Product Profiles.
|Business type||Who should be insured||Benefits||How to set up the cover|
Limited Liability Partnerships
|The remaining business owners keep control of the company (control isn’t passed onto anyone else).
The deceased's estate can sell their shares at fair market value. Without a life insurance backed arrangement (including a cross option agreement) the future of the business and the possibility of the estate being treated equitably can be thrown into doubt.
The arrangement is tax-efficient.
|Own life: each shareholder or partner takes out a plan on their own life which is written in trust for the other business owners. Each shareholder or partner signs a cross option agreement. The remaining partners use the money paid under the claim to buy the shares.
Life of another: if there are just two business owners, they can take out life-of-another plans on each other. The owners also sign a cross option agreement. The claim is then paid to the remaining business owners who use the proceeds to purchase the deceased’s shares.
Your clients and their spouse/partner* get more than Business Protection. We offer Doctor Services, at no extra cost. This is particularly useful to businesses who want to support the health and wellbeing of their employees.
They can access six medical services by phone or app:
*Spouse, civil partner or person with whom the policyholder lives with as a partner and at the same address.
**The five sessions limit is split between the policyholder/life assured and partner/spouse.