What Is Business Life Insurance?

Thought you might be interested in the article What Is Business Life Insurance and thought I’d share a few points with you here. I’ve found some relevant information here so if I find more, I’ll be sure to pass it on.

There are 3 key products which safeguard business owners and their family and employees, should the worst happen:

Key Person Insurance

Key people within your business are valuable assets because of their knowledge and contribution to the profitability of the business. That’s why business owners insure them.

Key people can be insured for death, trauma and/or total and permanent disablement. The reason for coverage is either loss of revenue or capital purposes to pay off existing debt.

Business Partner Insurance

This type of cover is generally known in the industry as Buy/Sell Insurance. The purpose of this type of insurance is to provide dollar funding to the surviving business partner to buy out your share of the business. This simply provides an easy solution to a potentially complicated situation.

Death, trauma and/or total and permanent disablement can all be covered.

Most important of all is the Buy/Sell legal agreement that must be implemented – it details all strict guidelines of the buy/sell arrangement.

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Thanks,

Mark