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Business life insurance is used to protect a business or the family of a business owner from financial loss resulting from the death of someone associated with the business. If you are a sole proprietor, such a policy can be used to help dispose of your business in the event of your death.
In a partnership or limited liability company, the most common use of life insurance is to insure each partner for the benefit of the other partner or partners in conjunction with a buy-and-sell agreement. This enables the survivor or survivors to buy the deceased's interest and to continue operating the business on a reorganized basis. The family of the deceased can be guaranteed immediate cash upon liquidation of its business interest.
Industries served:
> Lumber & Wood Industry
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