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Protect Your Business through Buy/Sell Life Insurance

Last modified: 8 Nov 2012

Why Insure Your Business?

Business partnerships are usually successful since this type of enterprise has two or more partners that can make decisions about the business. However; in the event of one of the partner’s death, business partnerships can face various problems unless the surviving partner decides to buy the ex-partner’s shares. Since this is not always an option, business partnerships should protect themselves in case one of the partners dies prematurely or suffers significant injuries due to which he is totally and permanently disabled.

 

What is the Purpose of Taking a Partnership Insurance Agreement?

A buy/sell life insurance agreement is a type of insurance contract that business partners enter into to protect the enterprise they have started. This type of agreement binds the partners of a business to allow them to buy out the shares of the deceased or disabled partner in the case of certain events. Some of these events include death of one of the partners, trauma, divorce, involuntary retirement and permanent disability due to either illness or injury. Bankruptcy may also be covered under this type of insurance plan.

 

Benefits of a Partnership Insurance Agreement

 

The Two Types of Buy/Sell Life Insurance Agreements

 



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