Many small and medium-sized firms are established as private companies. The directors, who are often the company’s key people and most valuable assets, may also be the main shareholders. If one of the business directors were to die, the company might encounter serious problems, and questions may arise about their business share.
To ensure the proper transfer of the deceased director’s interest in the business, it makes sense to have an agreement in place. Life assurance is a very effective way of providing the necessary funds the surviving directors need to maintain control of the business on the death of a fellow director.
At Phelan Caswell Insurances, we design the Director / Key person Plan to suit your requirements and make it easy to engage with and understand the process.