Protecting your business goes beyond insuring the premises, contents and any liability insurance. There is a risk to a business in the event of a death or serious illness of a Co-Director, Keyperson or Partner. It is possible to manage the financial risk of the premature death or serious illness of a key employee by putting in place a life insurance plan
Wallace Financial Consultants can set up Revenue approved Life Insurance Plans to protect your business ensuring that the necessary funds are available in every situation.
- A policy designed to allow a business insure its key people against the risk of premature death.
- The payment from the insurance policy would provide replacement cash to support the business in the event of the death of the key employee
- The sum insured can reflect the potential loss of revenue that the business would suffer if they lost the Keyperson.
- Partnership Insurance allows surviving partners to purchase the shares of the deceased partner from their spouse or estate.
- It protects the business as the funds will be there to “buy out” the interest of the deceased partner from the funds made available through a life insurance plan set up as part of a legal agreement.
- Co – Directors Insurance is used to provide funds to a company to facilitate the buy back of shares from a successor in the event of the death or serious illness of a Director.
- This type of insurance ensures that shares in the company can be purchased, owned and controlled by the remaining Directors of the company and protects the ongoing business.