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Many of your employees have families, and it's more than likely that they are the primary source of income for their families. One of the biggest concerns facing employees who are working to support their family is what will happen when they are no longer around to provide that income. Fewer and fewer Americans are able to put away enough in savings, so they're turning to life insurance to fill in the gaps.
For the vast majority of employees, their only source of life insurance is from the group basic life plan offered by their employer. Considering that some employees have families to support, mortgages to pay, and other financial obligations to cover, the standard life insurance plan offered by employers isn't enough.
We recently dedicated a blog post to the topic of funding a buy-sell agreement with life insurance. Most prudent business owners have a buy-sell agreement in place as it serves as a legally-binding agreement that governs the situation if a business owner is to die or leave the company. One of the most common ways for a buy-sell agreement to be funded is through life insurance.
In a recent blog post, we talked in great detail about what a buy-sell agreement is and how it can be funded with life insurance.
Since clients tend to have a number of questions regarding buy-sell agreements, we thought the topic would merit another post on our blog, this time focusing on how a buy-sell agreement is beneficial to a business owner.
Considering that many of your employees are responsible for the primary source of income for their households, finding solutions to help your employees safeguard this income in the event of a tragedy should be a priority for your business.
We recently talked about disability insurance and how this can provide your employees with some peace of mind in the event that an injury or illness is to occur.
You've invested a lot of blood, sweat, and tears into your business over the years, allowing you to build a valuable financial interest in your company. Understanding that you won't be around forever, it's important that you proactively consider your options to ensure your family the smooth sale of your business interests.
One solution to consider is a buy-sell agreement funded with life insurance. In this scenario, the life insurance will provide a sum of money at your death that can be used to pay your family or your estate for your ownership interest in your company.
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