How should a protection policy be written if a partnership share is being passed to the other partners under automatic accrual?

In this situation, the partner’s interest passes to the other partners automatically so there’s no need for a cross option agreement or business trust. Provided an automatic accrual agreement exists between the partners, each partner takes out an own life policy for the value of their interest. This should be placed in trust for the benefit of their family members to avoid the policy forming part of the deceased’s IHT estate. Each partner should take out their own respective policy. The level of cover should be regularly reviewed to make sure that it’s sufficient to cover the value of the partner’s interest.