define('DISALLOW_FILE_EDIT', true); Key Person Insurance Newcastle: Ian Jones Insurance Brokers

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Buy / Sell / Key Person Insurance

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Buy/Sell  and Key Person Insurance

If you are involved in a business with a partner or partners then each of you would normally hold an equity stake and the success of the business becomes a collective of each partner’s efforts and work.

Why do I need Buy / Sell or Key Person Insurance?

If you are involved in a business with a partner or partners then each of you would normally hold an equity stake and the success of the business becomes a collective of each partner’s efforts and work. But what would happen if one of the partners unexpectedly dies? Well, unless that partner has bequeathed their share of the business to the remaining partner/s, they may find themselves with the deceased partners spouse / de facto or estate as their new business partner.

How does it work?

Effectively when a buy / sell insurance policy has been effected between business partners and one of them dies, the business is paid the life insurance benefit which is then used to purchase that persons share of the business from the estate giving ownership to the remaining business partners. This, of course, must be bound by contract when the insurance is established and all interested parties can get on with their own interests. Serious discussions need to be held and everyone needs to understand the outcomes of such a transaction. We will assist in these discussions and the whole process, obtain quotes from various life insurers and advice on each individual case accordingly.

What is Key Person Insurance?

Key Person Insurance may sometime be confused with buy / sell insurance and while life insurance is a common link between the two, the reasoning and process is somewhat different. Key person insurance is a life insurance policy taken out by a business / company on a person in that business who may be seen as a driving force, an influence or one who holds a significant role in the business. I life insurance policy is taken out and owned by the company itself and in the event of the key person passing away the policy benefit is claimed by that company and generally used to fund the replacement of a person with similar capabilities, experience and worth.

What our clients say

  • “The right information to make the right decision”

    The people at Ian Jones Insurance Brokers will always let you know what insurances are suitable to your particular situation so at least you know what you can do about it with the right information so as we can make the right decision

    Peter Sutherland, PJS Plumbing Pty Ltd

  • “Cover your Assets”

    You don't usually give a great deal of thought about insurances that you have until the worst happens, then it's all you think about. The advice we get from Ian Jones Insurance Brokers makes it obvious that they have done the thinking for us. They have enabled us to recover from losses over the years that bring comfort in knowing that they have done what their catch phrase states - Cover your Assets

    Sam Miranda, Sam Miranda of King Valley Pty Ltd

  • “We saved a lot of money”

    We were delighted with the service we got from Kai at FloorInsure Insurance. Not only was everything dealt with promptly and efficiently but we saved a lot of money as well. We would recommend them to anyone and look forward to a long association with this company

    Eileen McIntosh, Chaz Floors and Blinds

  • “An ongoing relationship”

    We have had an ongoing relationship with Ian Jones Insurance for some years now. The reason we continue to do business with the company is because we are impressed with the high service level, the speed at which the quotes are produced, the competitive pricing and the assistance that is provided. Our current account executive, Amy Thompson, embodies all of these qualities and is a joy to deal with on every occasion

    Annette and Andrew Metcalf

  • “Excellent advice & service at a very reasonable price”

    A number of our Andersens stores currently use the services of Ian and his team and he has presented at our conferences in the past. I have found him to provide excellent advice and service at a very reasonable price

    Brian Cooper, CEO, Andersens Carpets

  • “Easy to understand terms”

    It’s great to have someone providing insurance product information with great knowledge….even better when they can spell it out to you in easy to understand terms

    Brad Jones, Director, Admix Media.

  • “Always do a great job”

    Carmen, I appreciate all your help. I must say since I've had all my insurances with you, how happy I am with the service provided. You always do a great job. Many thanks

    Dietmar Lederwasch

  • “Pleasant & professional”

    Just a quick note to say how much I appreciated the attention to my insurance renewal by your employee at Raymond Terrace office, Kai Cameron. It was only a matter of hours before he got back to me with a better price for my house and contents insurance which I was pleased to accept. I just wanted to tell you that I found Kai to be a very pleasant and professional, a credit to your office.

    Andrea Waddell

Get the right advice. Personal & Professional.

We will assist in these discussions and the whole process, obtain quotes from various life insurers and advice on each individual case accordingly.