Why Buy Life Insurance?

A: Although not the only answer, life insurance is a good business succession plan

Would your business suffer if they lost a key person?

If you are a business owner, would you like to be in business with your partner’s spouse?

These are two questions that most often lead to the purchase of life insurance by a business. Replacing the value of a key team member can literally spell the difference between survival and demise of a business. This reinforces the need for Key Person Life Insurance.

Not only do most business people not want to be in business with their partner’s spouse, but the spouse doesn’t want to be in business. To provide dignity in a time of pain, and to allow the business to go on without controversy over who gets what and who is in charge – these are the reasons for a Buy/Sell Agreement funded with life insurance.

Do you have a life insurance insurance policy as a business succession plan? If not, here’s a good resource to start: ISUQuickLife.com

Or, call your agent to discuss.


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About Jimmy Kinmartin - Business Insurance & Risk Management

Jimmy is a California licensed Property & Casualty AND Accident & Health insurance agent working at the Olson Duncan Insurance brokerage based in Torrance and Irvine, CA. He grew up in Fullerton, CA and graduated from Servite High School in Anaheim and Loyola Marymount University in Los Angeles and currently lives in Tustin, CA. Have questions? Just ask! Or, follow Jim on Twitter at @JimKinmartin

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