Brendan and Simon have a company together. Brendan is 52 and a non-smoker. His premium is €211.01per month. Simon is aged 45 and a non-smoker. His premium is €127.45. They share a 50/50 split in ownership. Both are married with young families. Brendan has three children and Simon has four. Their company is currently valued at €1,800,000.
In order to protect themselves and their respective families in the event of the untimely death of either of them they have taken out a Corporate Company Directors Insurance Plan. This insures both of them for €900,000 each until age 65. They have a Buy and Sell agreement signed and in place that is an agreement between them as to what will happen to their share of the company in the event of death. In this case, if either die the spouses will get €900,000 and will have no further interest in the company. The sum insured is reviewed every three years.
Due to the technical nature of this type of insurance, we strongly recommend a call to one of our advisers to ensure it is set up in a correct manner.