Buy Sell Life Insurance Agreement Template for Singapore

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

1. Select your governing law and document type:

2. Enter your key requirements:

3. Create your document to edit, review or download

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

"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."

Document background

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.

Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 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

Clauses

Relevant Industries

Professional Services
Manufacturing
Retail
Technology
Family Businesses

Relevant Teams

Legal
Finance
Corporate Secretarial
Risk Management
Human Resources

Relevant Roles

Chief Executive Officer
Managing Director
Business Owner
Chief Financial Officer
Company Secretary

Industries

Insurance Act (Chapter 142): Primary legislation governing insurance business in Singapore, covering licensing, regulation of insurers, and insurance contracts

Insurance (Nomination of Beneficiaries) Regulations: Regulations governing how beneficiaries can be nominated in insurance policies and the procedures for nomination

Financial Advisers Act (Chapter 110): Regulates financial advisory services, including the sale of life insurance products and required disclosures

Companies Act (Chapter 50): Governs corporate entities in Singapore, relevant for business structures in buy-sell agreements

Partnership Act (Chapter 391): Regulates partnerships in Singapore, particularly relevant if the buy-sell agreement involves business partners

Business Names Registration Act 2014: Governs the registration and regulation of business names in Singapore

Contract Law (Common Law): Fundamental principles of contract formation, execution, and enforcement based on Common Law principles

Unfair Contract Terms Act (Chapter 396): Regulates unfair terms in contracts and limits the extent to which civil liability can be avoided through contract terms

MAS Guidelines: Regulatory guidelines issued by the Monetary Authority of Singapore governing insurance and financial services

MAS Notice 314: Specific requirements for prevention of money laundering and countering the financing of terrorism in insurance context

Financial Advisers Regulations: Detailed regulations governing the conduct of financial advisory services and insurance sales

Wills Act (Chapter 352): Governs the creation and execution of wills, relevant for estate planning aspects of buy-sell agreements

Intestate Succession Act (Chapter 146): Determines distribution of assets when there is no will, relevant for contingency planning in buy-sell agreements

Mental Capacity Act (Chapter 177A): Governs decision-making for persons lacking mental capacity, relevant for trigger events in buy-sell agreements

Personal Data Protection Act 2012: Regulates the collection, use, and disclosure of personal data in Singapore, relevant for handling policyholder information

Find the exact document you need

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: https://www.genieai.co/our-research

Oops! Something went wrong while submitting the form.

Genie’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; Genie’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 Trust Centre for more details and real-time security updates.

Read our Privacy Policy.

How Genie AI reduced drafting time by 75% for a legal firm

Let's create your Buy Sell Life Insurance Agreement

Authors

Alex Denne

Find the exact document you need

House Sale Agreement Form

Standard Form Purchase And Sale Agreement

Contract For Sale And Purchase Of Land

Lot Purchase Contract

Car Sale Agreement As Is

Buy Sell Life Insurance Agreement

International Purchase Agreement

Owner Financed Sales Contract

Download our whitepaper on the future of AI in Legal

Genie’s Security Promise

Your documents are private:

Your documents are protected:

Organizational security

Innovation in privacy:

Want to know more?

Commercial

Employment

IP

Administration

Finance

R&D

Use Cases