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Buy Sell Life Insurance Agreement

Buy Sell Life Insurance Agreement Template for New Zealand

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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 Auckland, where we want to ensure smooth ownership transition if any partner dies or becomes permanently disabled, with life insurance policies of NZD 2 million per partner to be put in place by March 2025."

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Document background
The Buy Sell Life Insurance Agreement is essential for businesses in New Zealand seeking to establish a clear succession plan funded by life insurance. This document is typically used when multiple owners want to ensure business continuity and provide a guaranteed market for their business interests in case of death, disability, or other specified events. It details the insurance policies required, valuation methods, purchase mechanisms, and payment terms while ensuring compliance with New Zealand insurance and business law requirements. The agreement is particularly valuable for closely-held businesses, professional practices, and family-owned companies where maintaining control among remaining owners while providing fair value to departing owners or their estates is crucial. The document addresses both the insurance and business aspects of the arrangement, including policy ownership, premium payments, triggering events, and the mechanics of the business interest transfer.
Suggested Sections

1. Parties: Identifies all parties to the agreement, including business owners and their respective entities

2. Background: Sets out the context of the agreement, including business ownership details and purpose of the arrangement

3. Definitions: Defines key terms used throughout the agreement

4. Insurance Obligations: Details the requirements for obtaining and maintaining life insurance policies, including coverage amounts and premium responsibilities

5. Triggering Events: Specifies events that activate the buy-sell provisions (death, disability, retirement, etc.)

6. Purchase Price and Valuation: Establishes the method for determining the business value and purchase price

7. Payment Terms: Outlines how and when payments will be made following a triggering event

8. Insurance Proceeds: Specifies how insurance proceeds will be applied to the purchase price

9. Rights and Obligations: Details ongoing obligations of parties and their rights under the agreement

10. Term and Termination: Specifies the duration of the agreement and circumstances for termination

11. General Provisions: Standard contractual provisions including governing law, notices, and amendments

Optional Sections

1. Disability Provisions: Additional provisions for handling permanent disability scenarios, recommended when disability buyout is included

2. Cross-Purchase vs. Entity Purchase: Specific structure details when agreement allows for both purchase methods

3. Tax Provisions: Detailed tax handling provisions, recommended for complex ownership structures

4. Dispute Resolution: Specific dispute resolution procedures, recommended for multi-owner businesses

5. Right of First Refusal: Provisions for handling voluntary sales, recommended when owners want additional transfer restrictions

Suggested Schedules

1. Schedule 1 - Insurance Policy Details: Lists all insurance policies covered by the agreement, including policy numbers and amounts

2. Schedule 2 - Business Valuation Method: Detailed methodology for calculating business value

3. Schedule 3 - Ownership Structure: Current ownership percentages and structure details

4. Appendix A - Sample Calculation: Examples of how purchase price and payments would be calculated

5. Appendix B - Transfer Documentation: Forms and documents required for executing the purchase/sale

6. Appendix C - Policy Beneficiary Designations: Specific requirements for policy beneficiary arrangements

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
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Relevant Industries

Professional Services

Manufacturing

Retail

Technology

Healthcare

Construction

Agriculture

Hospitality

Professional Practices

Family Businesses

Small and Medium Enterprises

Consulting

Relevant Teams

Legal

Finance

Risk Management

Corporate Affairs

Business Development

Executive Leadership

Compliance

Insurance

Corporate Strategy

Company Secretariat

Relevant Roles

Business Owner

Managing Director

CEO

CFO

General Counsel

Legal Counsel

Insurance Advisor

Financial Advisor

Business Succession Planner

Risk Manager

Corporate Lawyer

Partnership Manager

Business Development Manager

Company Secretary

Estate Planning Attorney

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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