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Buy Sell Life Insurance Agreement

Buy Sell Life Insurance Agreement Template for Ireland

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Key Requirements PROMPT example:

Buy Sell Life Insurance Agreement

"I need a Buy Sell Life Insurance Agreement for my three-partner medical practice in Dublin, with cross-purchase provisions and specified disability trigger events, to be effective from March 2025."

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Document background
The Buy Sell Life Insurance Agreement is a crucial business succession planning tool used in Ireland to ensure smooth transition of business ownership upon specific trigger events. It is particularly relevant for businesses with multiple owners or family-owned enterprises seeking to establish clear succession protocols. The agreement coordinates the purchase and sale of business interests with life insurance funding, ensuring that surviving owners or the business entity has both the obligation and the financial means to purchase a deceased owner's interest. This type of agreement is structured to comply with Irish insurance and corporate law requirements, including the Insurance Act 1989 and the Consumer Insurance Contracts Act 2019. It typically includes comprehensive provisions for business valuation, payment mechanisms, and insurance policy management, making it an essential document for businesses seeking to mitigate succession-related risks and maintain continuity.
Suggested Sections

1. Parties: Identification of all parties to the agreement including business owners and the company

2. Background: Context of the agreement, business ownership structure, and purpose of the arrangement

3. Definitions: Key terms used throughout the agreement including trigger events, fair market value, and insurance-related terms

4. Purchase Obligation: Core obligations to purchase/sell business interest upon trigger events

5. Insurance Requirements: Obligations regarding life insurance policies, premium payments, and policy maintenance

6. Purchase Price: Method of determining purchase price and valuation mechanisms

7. Payment Terms: Structure and timing of payments for business interest purchase

8. Trigger Events: Specific events activating the buy-sell provisions (death, retirement, etc.)

9. Policy Proceeds: Handling and distribution of insurance proceeds

10. Tax Provisions: Treatment of tax implications and responsibilities

11. Representations and Warranties: Standard declarations regarding authority, ownership, and compliance

12. General Provisions: Standard clauses including governing law, notices, and amendments

Optional Sections

1. Disability Provisions: Additional provisions for purchase/sale in case of permanent disability, used when disability insurance is included

2. Cross-Purchase Provisions: Specific provisions for agreements where other owners purchase the departing owner's interest, used in multi-owner scenarios

3. Entity Purchase Provisions: Provisions for company purchase of owner's interest, used when company is the purchaser

4. Right of First Refusal: Provisions giving remaining owners first right to purchase, used in multi-owner scenarios

5. Dispute Resolution: Detailed procedures for resolving disputes, used in complex arrangements

6. Family Member Provisions: Special provisions regarding transfer to family members, used when family succession is contemplated

Suggested Schedules

1. Schedule A - Insurance Policies: Details of all insurance policies including policy numbers, face values, and insurers

2. Schedule B - Ownership Interests: Current ownership percentages and share details

3. Schedule C - Valuation Method: Detailed methodology for business valuation

4. Schedule D - Premium Payment Schedule: Details of premium payments, responsibilities, and timing

5. Appendix 1 - Business Valuation Certificate: Most recent business valuation for reference

6. Appendix 2 - Sample Notice Forms: Template forms for various notices required under the agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions












































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Relevant Industries

Professional Services

Manufacturing

Retail

Technology

Healthcare

Construction

Hospitality

Financial Services

Agriculture

Family-Owned Businesses

Professional Practices

Real Estate

Relevant Teams

Legal

Finance

Risk Management

Corporate Governance

Business Development

Executive Leadership

Insurance

Tax

Compliance

Treasury

Relevant Roles

Business Owner

Managing Director

Chief Executive Officer

Chief Financial Officer

Company Secretary

Insurance Broker

Corporate Lawyer

Tax Advisor

Financial Controller

Risk Manager

Business Succession Planner

Estate Planning Advisor

Corporate Trustee

Business Development Director

Partner

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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