The loss of a business owner may destabilise a business, and can quickly lead to financial difficulties. Share Protection allows the remaining partners, directors or members to remain in control of the business following the death of a business owner. If there is no share protection in place, the owner’s share in the business may be passed to their family. This means that the surviving business owners could lose control of a proportion or, in some circumstances, all of the business.
The family may choose to become involved in the ongoing running of the business, or could even sell their share to a competitor. A Share Protection policy can help avoid these issues by providing the funds to purchase the shares and also a suitable mechanism for the existing shareholders to retain ownership of the business.
The plan will have no cash in value at any timeand will cease at the end of the term. If premiums are not maintained then cover will lapse.
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