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Partnership Protection

The plan will have no cash in value at any time, and will cease at the end of the term. If premiums are not maintained, then cover will lapse. The policy may not cover all definitions of a critical illness. For definitions of illnesses covered please refer to the Policy Documents.

The value of protecting your partnership

One of the great risks of a business partnership is that one of your colleagues may die, with his or her share of the business passing to someone else. That person may have little interest in the business or – at worst – may be hostile to your objectives. Equally a partner who suffers a serious illness may want to retain the option of continuing in the business or be compensated for their exit from the business.

Please consider for a moment how this could effect YOUR business. Our expert Dave Pearn can help you make the right decisions to protect your livelihood. CLICK HERE and get in touch.

The safety net is a pre-arranged scheme to ensure the surviving partners have enough funds to buy out the interest in the business, or compensate the deceased’s dependants.

The following range of options should be considered:-

  • Appropriate life cover to fund the purchase of the deceased’s interest in the business
  • Advice on a suitable agreement to ensure the partnership continues and the deceased’s dependants are compensated
  • Arrangements for partners who retire, or who fall seriously ill and are unable to work Benefits to partners

In the event of the death or serious illness of one of your partners, you’ll want to ensure that the business continues as smoothly as possible. Partnership Protection sets out the procedures and policies to help you retain control:

  • Agreements, insurance, and trusts can be established to protect the business against the financial and practical implications of a partner’s death or specified critical illness
  • Arrangements which can help to ensure your partnership is not automatically dissolved
  • Helps to protect your business interests against hostile parties, or disinterested inheritors
  • Funds available to buy out the deceased’s interest in the business at fair market value
  • Continuity of business prosperity
  • Avoid the sale of assets to repay the departed partner’s interest in the business
  • Help retain confidence of employees and customers

    Interested in our services?

    Please fill out this form to contact us:

    This article is intended to provide a general appreciation of the topic and it is not advice.

    For more information please contact Oakwood on 01483 266666 or email enquiries@oakwoodms.co.uk and we will be happy to assist you.

    Article expiry: 05 Apr 2019

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    Oakwood Mortgage Services Ltd
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    Sharon Price
    Sharon Price
    15:30 12 Aug 20
    In these current times Stuart has assisted me with a temporary solution to my mortgage issues which went very smoothly. I will be working with Stuart again very soon to change mortgage product completely. Thank you Oak wood Mortgage Services
    Ben Brown
    Ben Brown
    16:38 31 Jul 20
    I would like to say a huge thank you to Oakwood Mortgage Services and in particular to Richard Burley who seems capable of working miracles, particularly when dealing with the complicated applications of a sportsman. Richard’s calm manner and problem solving have been brilliant over the years and allowed both Katie and I to stay relaxed and in control during stressful house buying moments, as well as helping us to navigate the the complex buy-to-let market! We owe a huge debt of gratitude to Richard and Oakwood mortgage services ahead of moving house next week, and I would highly recommend their services. In particular I would recommend them to other sports people who have previously struggled with mortgage companies based on our short contracts and the potentially volatile nature of our work. Thanks again Richard. Ben and Katie
    Gwenie Ralph
    Gwenie Ralph
    20:57 06 Jul 20
    I gave Stuart at Oakwood Mortgage services a challenge of finding me an impossible mortgage. I knew I wouldn't get exactly what I wanted, but he came up with some nice surprises. He explained everything, not pushy at all, a friendly and professional approach. Thank you
    nicky Myers
    nicky Myers
    19:17 25 May 20
    We were first time buyers and dealt with Richard around the mortgage application. He helped us understand each process, explaining everything thoroughly and came to meet us twice where he was very personal and efficient. Dave took us through the building and contents and life insurance process, again coming to meet us in person and took us through the options, step by step. Dave was very communicative and answered any questions we had.Emma was there throughout this process and on hand with any urgent queries we had and was a delight to deal with.They managed to make it all happen, even during lockdown!Highly recommend Richard, Dave, Emma and Oakwood. We are very happy in our new home!
    Daniella Castro Gouveia
    Daniella Castro Gouveia
    11:31 19 May 20
    I have worked with a number of the Oakwood team over many years and they are all excellent and totally professional at what they do. Dave came to our family home a few years ago to discuss and advise us in terms of financial insurance. He was very knowledgeable, really easy to talk to. Sometimes discussing financial things can be quite tricky to understand, but I felt at complete ease with Dave. I would highly recommend speaking to him if you need insurance or even need a mortgage as he covers both areas. Thanks for all your support Dave. It's always good to have someone who has your back!
    Richard Craven
    Richard Craven
    19:12 03 May 19
    Stuart was excellent, helped me obtain a mortgage quickly and painlessly with minimal effort and was always ready to promptly answer any questions I had.
    Andrew South
    Andrew South
    17:50 26 Mar 19
    Stuart was very profession and friendly, He was there to help when something went wrong.Highly recommend!!
    Ian L
    Ian L
    13:45 03 Jan 19
    When we started looking for a house, we contacted Stuart based on a work colleague's recommendation. Having not bought a house in the UK before, we had a lot of questions.Stuart guided us through the process and was always available to answers questions and provide advice that was easy to understand.We had a protracted period between initial contact and purchase, in this time Stuart was patient, professional and provided us with a high level of confidence that we were in capable hands.A huge thank you to Stuart and the staff at Oakwood, we would not hesitate to recommend them.Ian and Yoosun
    Claire Vince
    Claire Vince
    22:13 21 Dec 18
    Great service. Paul talked us through everything really clearly and made the whole process very smooth and straightforward. We have recommended Oakwood to friends as a result.
    Christopher Relph
    Christopher Relph
    23:27 29 Aug 18
    The team is very friendly, professional and knowledgeable on their given subject. My situation was rather unusual and my options were very limited, if i had tried on my own i wouldn't have found the best deal for me. The information provided to me was well presented and insightful, if anything was unclear they made sure that i understood things fully. In the end they found the best deal out there that ticked all the boxes i needed and went above and beyond. To make sure i wasn't put into a position i couldn't afford to be in Stuart would go to an agent and tell them when things weren't possible, even when they were insistent on getting a deal, Stuart had my back in it!I can't recommend them enough, and will be returning to them down the line myself!
    Sam Eccles
    Sam Eccles
    15:35 24 Jul 18
    Top notch service. Friendly, prompt and accessible no matter where you are based (I'm in the Highlands). Much better service than that experienced by local face-to-face advisers with a large portfolio of companies that ensure you can get the mortgage to suit your needs. Have happily referred to others in less than usual circumstances, all of whom have come away delighted
    Michelle Ames
    Michelle Ames
    18:20 07 Jul 18
    Highly recommend. We were first time buyers and Stuart made the process simple and efficient. We found our property and made an offer on the spot, but the agents needed to speak to Stuart before stopping further viewings, so he dropped everything whilst at a conference and the rest is history. Buying a house is an emotional time, so having the mortgage element handled by a professional, yet down to earth person like Stuart was invaluable to us. Thanks Stuart.
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