Moneysworth

We can advise Shareholder & Partners on arranging a suitable Protection Plan.

How it works:

1. Each shareholder/partner starts a Life Cover or Life & Critical Illness Cover policy. You can pay your own premiums, or the premiums can be paid by your business (which would be taxable on each individual director or partner).
2. Each policy is put in trust for the other shareholders/partners.
3. A written contract will be entered into by each shareholder/partner. This is known as a 'Cross Option Agreement'. It's a reciprocal arrangement that guarantees:

- The remaining shareholding directors/partners can exercise the option to purchase the shares from the deceased shareholding director's/partner's estate;

- The deceased person's estate has the option to sell the shares to the remaining shareholding directors/partners.

Having Life Insurance means that you'd be leaving your family with financial security.

• With sufficient cover, your loved ones wouldn't need to worry about paying the bills. They could also afford to pay for other everyday things that maintain the quality of life they're used to.

• Without Life Insurance, your family could be faced with distressing changes. If paying the mortgage or rent becomes too much of a struggle, they may be faced with having to move house. If the family had to relocate, the children might also have to change schools.