Buy-Sell Plus is a great complement to a business buy-out agreement. It offers flexibility and choice in how to fund the purchase of a disabled owner’s share of the business.
Buy-Sell Plus business buy-out coverage is ideal for owners of small, closely held businesses (generally two to five owners) who own at least 10% of the business and who work full-time for the business.
Buy-Sell Plus provides funding of a buy-sell agreement in case of disability of a business partner. If one partner becomes disabled and can no longer work, Buy-Sell Plus helps them receive a fair payment for their share of the business.
|Issue ages||Occupation classes||Benefit periods||Elimination periods (days)||Premium|
|18 – 55 (age last)||44A, 3A, 2A||5 years(can also be paid as a lump sum)||365, 735||Level to age 63|
With Buy-Sell Plus, your clients can:
- Be certain their premiums and coverage won’t change if their health changes
- Have buy-out costs reimbursed based on the most preferred definition of total disability (based on own occupation definition for classes 4A and 3A)
- Transfer coverage to a new business without medical evidence
- Get up to $5,000 for legal and accounting fees incurred while executing the buy-sell agreement
- Convert to an income replacement policy without medical evidence
- Purchase additional insurance without evidence of good health with the optional Future Income Option rider
Choice of reimbursement frequency:
- Lump sum
- Monthly for five years
- Initial lump sum followed by monthly benefits
Note: Above features may be subject to terms and conditions