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Swiss Life finds key to partnership protection

Swiss Life is introducing a trust which will allow partnerships to get the


benefits of keyperson insurance for the first time.


The trust overcomes the problems of English law, which states that a


limited company is legally separate from its shareholders or staff but a


partnership has no legal existence separate from the partners of the firm.


Traditionally, this has meant that each partner has had to arrange an


individual keyperson policy, as policies cannot be set up in the name of


the partnership.


The legal status of partnerships makes policies difficult to administer


because any change of partner would require a complete reorganisation of


the scheme.


Swiss Life requires the policy to be effected by one partner and written


under trust.


The trust is available with Swiss Life&#39s range of business protection


products. It can be applied to benefits payable under life, income


protection and critical illness plans. Any claims are payable to the


trustees for the benefit of all the partners.


The trustees can be the partners or independent trustees.


Personal finance research and planning manager Rosalind Pearson says: “The


new trust will allow partnerships to protect themselves against any


financial loss due to the death or sickness of key employees.”

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