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Product overview
As a business owner you have tough decisions to make day in, day out and you know that unexpected events can have a dramatic impact on the long-term security of both your business and your employees.
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, to 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 suffers a terminal illness* during the term of the 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.
Benefits of Partnership Protection cover:
- Agreements, insurance, and trusts can be established to protect the business against the financial implications of a partner’s death or terminal illness.
- Your business interests are protected against hostile, or uninterested inheritors.
- Funds are available to help buy out the deceased's interest in the business and compensate any dependents.
- Avoid the sale of assets to repay the deceased partner’s interest in the business.
- Retain confidence of employees and customers.
When you contact us we'll explain the advice services we offer and our charges. NFU Mutual Financial Advisers advise on NFU Mutual products and selected products from specialist providers.
Financial advice is provided by NFU Mutual Select Investments Ltd.
Financial advice is provided by NFU Mutual Select Investments Ltd.
