Business owners and partners may require financial insurance protection in the event of death or disability for several reasons. Some of the scenarios include buy-and-sell insurance policies where members, shareholders or partners require funding to buy their deceased member’s, shareholder’s or partner’s share in the business.

On the death or disability of a key employee with specialist skills, which are vital to the success and operation of a business; death and disability insurance cover is an ideal way of providing funding to assist in the financial cost of recruiting a replacement.

Business owners also need to be aware of the implications of an untimely death and the impact it has on one’s business and personal liabilities, and how in turn it impacts on one’s personal estate. Any outstanding business loans should be considered as part of the financial planning and estate planning process.