As a partner in your company, you know how important stability is. If a partner in the business dies, the surviving dependants of that partner inherit the shares and associated control. That is not always the ideal scenario. As partners, you can prepare for this eventuality, ensuring respect for all parties.
Avoid arguments about the shareholding
Provide stability, including if one of the partners dies unexpectedly
Be prepared for the costs involved in the proper remuneration of the heirs
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Let’s explain how the policy works by way of a practical example:
14 years ago, Hugo, Anne and Patricia started up a limited liability company together. Hugo and Anne each contributed 25% of the capital, and 50%.
If Patricia dies suddenly, her sole heir, her son Thomas, inherits all of her shares. Thomas has a very difference vision for the company and wants to make major changes. Hugo and Anne do not agree, but Thomas owns half of the shares. The other 2 joint partners also do not have the means to buy out his shares.
All of which creates a great deal of argument.
The solution: a shareholder agreement with a purchase option, linked to an Omni Care death insurance policy.
The heirs are then obliged to sell the shares they inherit to the surviving partners. That way you ensure that your shares remain with the original partners in the event of a death occurring.
If one of the insured partners dies early, the surviving partners then use the insured capital to purchase the shares released by the death.
That way, you as a partner and the company are prepared for the future at a limited cost.
If your application is delayed, you will be covered for accidental death. You are covered for the initially insured capital (with a maximum of EUR 500,000).
This agreement ends after 1 month, or upon acceptance or refusal by the company. (For further information, refer to the general conditions "provisional coverage")
Omni Care for the self-employed is a Branch 21 death insurance policy, under Belgian law.
The capital insured is either constant or reducing (it cannot be increased). The minimum term of the policy is 5 years.
For more details, see the Financial Information Sheet
Omni Care for the self-employed is aimed at legal entities where the age of the insured person at the time of taking out the policy is between 18 and 67, and who needs to protect himself/herself against the financial consequences of the death of the insured person in order to protect the company or a third party against the death of a key company person, whether or not linked to an investment loan.
This product is not suitable when the aim is take out insurance for the protection of the company. Or when at the time of taking out the policy, the age of the person insured differs from the permitted criteria.
You can benefit from tax deductibility via:
If your capital is higher than 1 million euro, please contact your broker.
Your broker will be happy to help you with all your questions about this product. Your broker will also provide you with a price quote and a premium calculation.
Find a broker near you.
Option for accidental death
It is necessary to read the Information Financial Fact Sheet & the General Terms and Conditions before purchasing, registering, entering into, accepting, signing or opening a NN Bullet credit.
If you have a complaint about your NN policy, please contact NN, Quality Care Center, 38 Fonsnylaan, 1060 Brussels. Send an e-mail in the first instance to klachten@nn.be. Or contact the Consumer Ombudsman Service at the Insurance Ombudsman, 35 de Meeûssquare, 1000 Brussels. Tel: +32(0)2 547 58 71, fax: +32(0)2 547 59 75, info@ombudsman.as, www.ombudsman.as. It is also possible at all times to take legal action.
