Partnership Protection (Term Assurance And/or Critical Illness)
What is Partnership Protection?
In the event that one of the partners of the firm were to die, the surviving partners may wish to be in a position, to purchase the deceased’s share from his/her estate.
The ways in which this can be achieved are described below:
- The Cross Option Agreement is a formal agreement between the business owners which deals with what may happen to their share of the firm on their death or on them becoming terminally or critically ill. The agreement may include a double or a single option, or sometimes both.
- Under a Single Option Agreement only one of the parties to the agreement has the right to exercise an option whilst under a double option agreement either party has the right to exercise an option. In either scenario, once an option has been exercised, the agreement becomes binding.
Find out more in our Partnership Protection Guide
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