Unfortunately, the chances of a partner or director becoming seriously ill or dying may be a lot higher than you think. Many problems can arise for a business when a partner or key employee dies prematurely or becomes seriously ill.
It could result in some surviving business owners having insufficient funds to purchase a deceased owner’s share of the business or in some incidences getting into financial difficulty because of a key employee’s death. This can have a huge impact on business and can be disruptive to the viability of an organisation going forward unless properly planned for.
Partnership Insurance
This is a specific kind of life insurance that can provide compensation to a business partnership. If one of the partners dies a lump sum will be released, allowing the deceased person’s share of the partnership to be bought from their next-of-kin.
Key Person Insurance
This is a business-specific life insurance that can compensate a company for the financial loss and other consequences of the death of an important member of the business.
Our Partners
TESTIMONIALS
My initial meeting with Darach was as a Lecturer in LIT who will have less than 40 years- service at retirement. After a completing a review, I had a clear understanding of how my pension worked and how best to optimize it going forward.
I have found Darach to be very friendly, knowledgeable, no way pushy and quite transparent in his recommendations. I would strongly urge you to have that initial consultation. My experience of Honan Financial Services has been a very positive one both personally and financially.
I was looking for alternatives to saving in the bank as there was little to no growth to be had in their savings accounts. Honan FS made it very easy to invest in a multi asset fund which meets my long-term goals. I’d recommend Honan FS to anyone looking for advice on any aspect of their financial planning.
When taking out our mortgage we were offered mortgage protection by the bank. After a review with Darach we found a policy which was more comprehensive and better value for money. We were also able to optimize our savings through a regular savers policy which has achieved far better returns than what was on offer with the bank.
At the start of 2021 we both decided to do a health check on our financial status. We both had occupational pensions schemes left from previous employers and we reached out to Darach for assistance and advice on transfer options. Darach was excellent in helping us map out our future financial needs , determining our outlook to risk , providing sound financial advice and discussing best performing options to suit us
Darach dealt on our behalf with the previous pension providers and their associated agencies and the whole process we felt was very professional and a seamless transaction to us. Because of interest rate returns on bank deposits /post office being virtually zero and essentially loosing money on deposit we also seeked advice on alternative investment products for the mid to long term.
We were looking for products that gave a good rate of return and that we could lock away for 10 years plus to help with education funding. Both requirements were met very professionally by Darach and his team. We are both very happy we reached out to Darach . The only regret was we didn’t do this a few years earlier but better late than never.”
Darach has looked after my pension for a number of years and once he setup Honan Financial Services, it was an easy decision to move my pension / financial planning with him. Darach continuously demonstrates a thorough and rigorous approach to customer service and his clients individual’s needs. He is thoroughly professional, exceptionally friendly and the best in the west in my opinion. I would highly recommend him to all.