A business partnership can be an effective method of pooling resources and skills to the financial advantage of all concerned. However, it brings with it responsibilities and the possibility of financial burden, especially when one of the partners dies, retires or becomes incapacitated.
For a partner, his share in the business is likely to be his greatest financial asset so he needs to take steps to protect it, not only for the benefit of his family but also for the benefit of the other partners in order to help ensure the continuation of the business. The directors of private limited companies are in a similar position.
However, with the correct plans and strategy in place, these concerns can be easily met, often with the premiums payable for such policies being treated as a taxable expense.
If you would like more information on the following products, please contact us to arrange your free no obligation consultation.
- Share Protection
- Partnership Protection
- Key Person Assurance
- Group Death in Service Schemes