Why Buy Life Insurance?
A: Although not the only answer, life insurance is a good business succession plan
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.