Then the benefit must be large enough to cover business expenses until a buyer is found. This is even true if the business isn't active during the selling process as there can be ongoing lease and rental payments that need to be met. In the event of your death, your partners would use the death benefit to buy your share of the company from your dependents. Term life insurance runs for a set length of time, usually 10 to 25 years, and gives you the advantage of locking in your premium rates. After the term runs out, the insurance is renewable or the benefit can be claimed outright.
Universal insurance lasts indefinitely.
Although rates are subject to change, your premiums are invested, so the policy can potentially accumulate an additional cash value in addition to the base benefit amount. If you are like many business owners, the business you have created is your life. The forward-looking protection of a key man life insurance policy can ensure that if you die unexpectedly, you won't be taking your business with you. Earliest info on new businesses, homeowners Insurance Center Covering the needs of small business owners Legal Center Hundreds of business legal tools Office Products Special deals on equipment, supplies. Classifieds Search for business services, real estate and career opportunities.