Business / Life insurance

[C63sxb]

Hi guys,

I need to take our a life policy on my business partner and him vice versa, so should anything happen to him, I get a payout to buy his share the business.

anyone had something similar? or a recommendation?

[CaiosH]

C63sxb said:

Hi guys,

I need to take our a life policy on my business partner and him vice versa, so should anything happen to him, I get a payout to buy his share the business.

anyone had something similar? or a recommendation?

Its called relevant life cover.


Although I advise on life cover, this type of cover isnt an area I do much of.


Theres a PH user DaleNorth who does a lot of this kind of thing.

[dalenorth]

Thanks for the recommendation. It’s ideally shareholder protection that you’ll need here. Drop me a pm and we can run some quotes and apply the usual ph discounts.

[Jcwjosh]

Agree with the above (shareholder protection) currently organising this at the moment .

The company pays the premium but it will be a P11D benefit for you personally (this is the best way to set it up in my case).
The payment if one of you would die would go to the remaining shareholders via trusts.

[dalenorth]

Yes that’s correct there are 3 ways to pay for it. Most people choose to go down the personal route but p11d works for many too. It’s always worth getting advice from your account on that part as everyone’s circumstances are different.