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A small company of 50 staff and 4 directors wanted to protect the interests of their company as much as possible.
Their main concern was that if one of the Directors was to die, how would their shareholding in the company be distributed, to the other directors or to the immediate family or beneficiary.
The shareholding needed to remain within the company rather than potentially being taken over by an outside family member for instance.
In order to protect the directors’ interests, ‘partnership cross shareholding’ life insurance cover was put in place. This is easily set up with the sum assured amounts based on the shareholding percentage of the directors – and the value of the company.
Once in place, the death of a director will trigger an insurance payout to the company which will allow it to buy the shares for the benefit of the family or beneficiary of the deceased.