The Buy Sell Life Insurance Agreement is essential for businesses in Singapore seeking to establish a clear succession plan and ensure business continuity. This agreement is typically used when multiple owners want to protect their business interests and provide financial security for their families in the event of death. It combines elements of business succession planning with life insurance, establishing how ownership will transfer and how the purchase will be funded. The agreement must comply with Singapore's regulatory framework, including the Insurance Act and MAS guidelines, while addressing specific business needs such as valuation methods, transfer mechanisms, and trigger events. It's particularly crucial for partnerships, private limited companies, and family businesses where ownership transition needs to be carefully managed.
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Key Requirements PROMPT example:
Buy Sell Life Insurance Agreement
"Need a Buy Sell Life Insurance Agreement for our three-partner technology consulting firm in Singapore, with cross-purchase arrangement and disability provisions, to be effective from March 2025, with insurance coverage of SGD 2 million per partner."
1. Parties: Identification of all parties to the agreement including insurers, insureds, and beneficiaries
2. Background: Context of the agreement and business relationship between parties
3. Definitions: Key terms used throughout the agreement
4. Policy Details: Specific details of the life insurance policy including coverage amount and terms
5. Purchase Obligations: Terms governing the obligation to purchase the deceased's business interest
6. Funding Mechanism: How the purchase will be funded through the life insurance proceeds
7. Valuation Method: Agreed method for valuing the business interest
8. Term and Termination: Duration of agreement and circumstances for termination
1. Disability Provisions: Optional terms covering permanent disability scenarios when parties want to include disability as a trigger event
2. Voluntary Exit Provisions: Optional terms covering voluntary departure of a business owner when parties want to address non-death exits
3. Cross-Purchase Provisions: Specific terms for cross-purchase arrangements when using a cross-purchase rather than entity-purchase structure
1. Schedule 1 - Insurance Policy Details: Details of all insurance policies covered by the agreement
2. Schedule 2 - Valuation Formula: Detailed methodology for business valuation
3. Schedule 3 - Company Information: Details of the business entity and ownership structure
4. Appendix A - Premium Payment Schedule: Schedule of insurance premium payments
5. Appendix B - Transfer Documents: Pro forma documents for business interest transfer
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