Are you the proud owner of your own business? Are you involved in a partnership with someone? Although your business might be flourishing right now, you should understand that one day things might get out of hand and someone might no longer be there. Partnership disputes are common which leads to the breakdown of a business as well. Sometimes partners die, some are forced to opt out of this partnership, and some might even voluntarily leave the business due to personal reasons. In such a situation, the outcome of your business needs to be determined. That is why you should resort to a buy-sell insurance or agreement. What happens is you fund this agreement with life insurance. The individual co-owners buy life insurance programs on each other. Whoever is the surviving beneficiary of each policy receives the death benefits of the insurance policy. You can structure these policies so that the family of the deceased partner gets the financial support and the surviving partner or the business also receives the stability it needs. We, at Cafaro Insurance Agency, can help. We offer a wide range of insurance programs at reasonable rates, including the buy-sell insurance.
Here, we have a few simple benefits of this type of an insurance. Take a look.
- Benefits both Partners
This type of agreement or insurance is essential because it is beneficial for both the partners. It benefits both the family of the deceased partner as well as the company. You would want an agreement which takes care of your loved ones after you are no more and at the same time, you would want your business to do well even in your absence.
- Easy Ownership
You should understand that these policies can be owned by both owners as well as individuals, So, if you are a corporation, you can own these as well as an insured individual. So, you should make sure that you opt for this insurance agreement.
So, if you are from areas like Hauppauge NY, Lake Success NY, Long Island City, New Rochelle, White Plains, or Yonkers, then contact us today.