The loss of a partner, member or shareholding director can harm the success of a business. Shareholder insurance ensures the help in maintaining control of a business is there when you need it the most, ensuring the remaining business owners can keep control of their business.
With so many options to consider, it can seem very confusing. So, to help you out we've answered some of your most common questions. For more specific advice about the options available for your circumstances, why not get in-touch with one of our friendly advisors.
The policy provides the owners of a business with a lump sum to buy the affected individual’s share of the business in the event of them dying or being diagnosed with a critical illness, helping the surviving owners retain full control and ensure the deceased family’s estate receives fair settlement. The business owners can choose whether the policy is written on an own life or life of another basis however life of another is usually only suitable where there are just two owners, and doesn’t provide any flexibility for future business changes.
The minimum term is one year and the maximum term is 50 years. The policy must end before the person insured reaches 80 years of age.
To find out more about mortgages, personal insurance, business insurance and protection or to discuss the options available for your circumstances, contact our team of advisors