The Importance of Partnership Protection Cover
The purpose of Partnership Protection Insurance is to protect your company against the risk of a business partners’ death, terminal illness or critical illness.
When a shareholder or partner passes away, there is a good chance their family members inheriting their share, have no interest in or knowledge of the business. The share of the business could subsequently end up being sold to competitors.
Partnership Protection Insurance provides funds in the form of a tax free lump sum enabling remaining partners or shareholders to purchase the deceased shareholder’s stake in the business.
If critical illness is included in the life policy, the insured individual can, if diagnosed with a specified critical condition, sell his/her shares to partners immediately without the stress of partners having to find the required financial resources.
Contact us today for a fee-free, no obligation quote to find out how easy it could be to protect your business and secure your future.
To find out more, continue reading our frequently asked questions (FAQs) towards the end of the page.
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