Buy-Sell Life Insurance is intended to provide buyout protection for partners in a business in the event that one of the partners is to pass.
In many situations where a business owner in a partnership passes away that partner’s ownership internet is passed to a spouse or child. In such cases is it not in the business’s best interest that the spouse or child become a functioning owner.
The buy-sell agreement provides a buyout to the spouse or child in the form of a life insurance payment in return for the ownership interest they would have inherited.
Watch this video “Why is a Buy-Sell Agreement Life Insurance Policy Important?” for more details:
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