I’ve often wished I had a crystal ball so I could know exactly what the future holds. Unfortunately, we can’t know for sure what will happen in the future. The best we can do is try to be prepared for what might happen.
As a business owner, one way to be prepared is to have a buy-sell agreement funded by life insurance.
A buy-sell agreement defines who will purchase the deceased’s business interests and who has to sell. It also sets the price. This is an important agreement, but it is also important to make sure the surviving partner has the money to buy the deceased partner’s interests. That’s where the life insurance comes in.
Funding your buy-sell agreement with life insurance can:
- Protect your business from the financial impact of the death of an owner
- Provide the funds to purchase the deceased owner’s interest
A buy-sell agreement funded by life insurance provides peace of mind for the heirs who may lack the experience needed to run the business. It also protects the business. Without life insurance the business or business assets may have to be sold.
To learn more about this important safeguard, contact our office and speak with Kira:
The Agent Insurance Services