tiktok³ÉÈ˰æ

Buy Sell Life Insurance Agreement Template for Nigeria

Create a bespoke document in minutes,  or upload and review your own.

4.6 / 5
4.8 / 5

Let's create your Buy Sell Life Insurance Agreement

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

Buy Sell Life Insurance Agreement

"I need a Buy Sell Life Insurance Agreement for my Lagos-based technology consulting firm with three equal shareholders, where we want to ensure business continuity by requiring life insurance policies of ���500 million each, with completion targeted for March 2025."

Document background
The Buy Sell Life Insurance Agreement is a critical business continuity planning tool used in Nigerian business operations where multiple owners wish to ensure smooth ownership transition upon death. This document is particularly important for private companies where maintaining control over ownership is crucial. The agreement requires each owner to maintain life insurance policies naming other owners or the company as beneficiaries, with proceeds used to purchase the deceased owner's share. It must comply with Nigerian insurance regulations, particularly the Insurance Act 2003 and NAICOM requirements, while addressing corporate law considerations under CAMA 2020. The document typically includes valuation mechanisms, purchase procedures, and policy maintenance obligations, ensuring both legal compliance and practical effectiveness in facilitating business succession.
Suggested Sections

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

2. Background: Context of the agreement, including business ownership details and purpose of the buy-sell arrangement

3. Definitions: Definitions of key terms used throughout the agreement

4. Purchase Obligation: Terms establishing the obligation to purchase shares upon triggering events

5. Life Insurance Policy Requirements: Specifications for required life insurance policies, including coverage amounts and maintenance obligations

6. Triggering Events: Definition and description of events that activate the buy-sell provisions

7. Purchase Price: Method for determining the purchase price of shares and payment terms

8. Insurance Proceeds: Handling and distribution of insurance proceeds upon a triggering event

9. Rights and Obligations: Ongoing rights and obligations of all parties regarding policy maintenance and premium payments

10. Tax Provisions: Treatment of tax implications and responsibilities

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

12. Term and Termination: Duration of the agreement and circumstances for termination

13. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes

14. General Provisions: Standard boilerplate clauses including notices, amendments, and severability

Optional Sections

1. Disability Provisions: Additional provisions for handling disability-triggered purchases, included when disability insurance is part of the arrangement

2. Cross-Purchase vs. Entity Purchase: Specific structure for purchase mechanism, included when flexibility between different purchase structures is desired

3. Minority Shareholder Provisions: Special provisions protecting minority shareholders, included when there are minority shareholders

4. Family Transfer Exceptions: Provisions allowing transfers to family members under specific conditions, included when family succession is contemplated

5. Mediation Clause: Procedures for mediation before litigation, included when parties want to emphasize alternative dispute resolution

6. Company Right of First Refusal: Gives company first right to purchase shares, included when this additional control mechanism is desired

Suggested Schedules

1. Schedule A - Insurance Policy Details: Details of all insurance policies including policy numbers, insurers, and coverage amounts

2. Schedule B - Valuation Method: Detailed methodology for business valuation and purchase price calculation

3. Schedule C - Ownership Schedule: Current ownership structure and shareholding details

4. Schedule D - Premium Payment Schedule: Allocation of premium payment responsibilities and amounts

5. Appendix 1 - Sample Calculation: Example calculations for purchase price and insurance proceeds distribution

6. Appendix 2 - Required Notices: Forms and templates for required notices under the agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions



































Clauses






























Relevant Industries

Financial Services

Professional Services

Manufacturing

Retail

Technology

Healthcare

Construction

Real Estate

Agriculture

Energy

Transportation

Consulting

Relevant Teams

Legal

Finance

Compliance

Risk Management

Corporate Secretariat

Executive Leadership

Business Development

Insurance

Treasury

Corporate Governance

Relevant Roles

Chief Executive Officer

Managing Director

Business Owner

Company Director

Chief Financial Officer

Legal Counsel

Corporate Lawyer

Risk Manager

Insurance Manager

Company Secretary

Business Development Manager

Finance Director

Compliance Officer

Partner

Board Member

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

Find the exact document you need

Mobile Home Purchase And Sale Agreement

A Nigerian law-governed agreement for the purchase and sale of mobile homes, detailing transaction terms and ownership transfer requirements.

find out more

Real Estate Purchase Form

A standardized form for real estate purchases in Nigeria, ensuring compliance with local property laws and transfer requirements.

find out more

Restaurant Sale Agreement

A Nigerian law-governed agreement for the sale and transfer of a restaurant business, including assets, licenses, and operational rights.

find out more

Building Purchase Contract

A Nigerian law-governed agreement for the sale and purchase of building property, incorporating Land Use Act requirements and property transfer provisions.

find out more

Trailer Purchase Contract

A legally binding agreement for the purchase and sale of trailers in Nigeria, compliant with Nigerian federal and state regulations.

find out more

Vehicle Sales Agreement With Payments

A Nigerian law-governed agreement for vehicle sales with structured payment terms, establishing rights and obligations for both seller and buyer.

find out more

Oil Purchase Agreement

A Nigerian law-governed agreement setting out terms for oil sale and purchase, including regulatory compliance requirements under Nigerian petroleum legislation.

find out more

Camper Purchase Agreement

A Nigerian law-governed agreement for the sale and purchase of a camper vehicle, detailing terms, specifications, and ownership transfer requirements.

find out more

Provisional Agreement For Sale And Purchase

A preliminary binding agreement for property sale and purchase under Nigerian law, setting out key terms and conditions while allowing for due diligence.

find out more

Letter Of Offer To Sell Property

A formal letter under Nigerian law presenting an offer to sell property, including key terms and conditions of the proposed sale.

find out more

Buy Sell Life Insurance Agreement

A Nigerian law-governed agreement combining life insurance with buy-sell provisions to facilitate business ownership transition upon an owner's death.

find out more

Restaurant Asset Purchase Agreement

A comprehensive agreement for the purchase and sale of restaurant business assets in Nigeria, ensuring compliance with local regulations and industry requirements.

find out more

Property Sales Agreement

A Nigerian law-governed agreement for the sale and purchase of real property, including essential terms and regulatory compliance requirements.

find out more

Download our whitepaper on the future of AI in Legal

By providing your email address you are consenting to our Privacy Notice.
Thank you for downloading our whitepaper. This should arrive in your inbox shortly. In the meantime, why not jump straight to a section that interests you here: /our-research
Oops! Something went wrong while submitting the form.

³Ò±ð²Ô¾±±ð’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; ³Ò±ð²Ô¾±±ð’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

Our bank-grade security infrastructure undergoes regular external audits

We are ISO27001 certified, so your data is secure

Organizational security

You retain IP ownership of your documents

You have full control over your data and who gets to see it

Innovation in privacy:

Genie partnered with the Computational Privacy Department at Imperial College London

Together, we ran a £1 million research project on privacy and anonymity in legal contracts

Want to know more?

Visit our for more details and real-time security updates.