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Overview
Buy and sell assurance provides surviving co-owners of a company with funds to purchase the interest or share of the deceased or disabled co-owner.
- Interests or shares in business are exchanged for a cash lump sum which is paid, tax-free, to the deceased's estate in the event of a business associated death or disability
- Funded by a life insurance policy
- Disability cover is included in the policy
- An agreement between business associates is drawn up.
Benefits
- Provides cover for member's family
- Ensures continuation of the business and avoids withdrawal of large capital amounts which can otherwise be productively employed
- Allows payout of business interest
- Management left in competent hands without interference from heirs.
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