Business owners may use life insurance to fund buy-sell agreements. If a principal owner passes away, the policy can provide the necessary funds for remaining partners to buy out the deceased’s interest, ensuring business continuity.
Beyond life insurance
There are a realm of valuable benefits that extend far beyond the traditional death payout. Life insurance policies often include living benefits, such as accelerated death benefits for terminal illnesses, critical illness riders that provide lump-sum payments upon diagnosis, and chronic illness riders that assist with long-term care needs. Additionally, many policies accumulate cash value over time, allowing policyholders to access funds through loans or withdrawals for emergencies, investments, or major purchases. These features transform life insurance into a versatile financial tool that supports your well-being throughout life, ensuring that you and your loved ones are safeguarded not only in the face of loss but also during life’s unexpected challenges.