What is partnership protection?
As a business owner you have tough decisions to make, day in, day out, you know that unexpected events can have a dramatic impact on the long-term security of both your business and your employees.
For example how would you afford to buy your business partner’s share of the business if they died?
One of the great risks of a business partnership is that one of your partners may die, with his or her share of the business passing to someone else. That person may have little interest in the business or - at worst - may be hostile to your objectives.
Equally a partner who suffers a serious illness may want to retain the option of continuing in the business or be compensated for their exit from the business.
The ideal solution is to have a partnership protection arrangement in place, whether you need extra funds to pay off an outstanding loan or buy out a partner’s interest in the business.
Business Protection Term Assurance will pay out a lump sum if a person it covers dies or is diagnosed with a terminal illness during the term of cover. There is the option to include Critical Illness cover for added security.Terminally ill means being diagnosed with a life expectancy of less than 12 months.