![Two young businesswomen discussing buy /sell protection.](https://mlxwx3bywoz1.i.optimole.com/w:auto/h:auto/q:auto/f:best/https://www.olsommerclarke.com/wp-content/uploads/sites/1255/2022/03/buy_sell_protection_p-200x300.jpg)
What Happens to Your Business When a Partner Dies?
With the death of a business partner, the deceased partner’s heirs inherit his or her interest in the business. Business life insurance purchased for each partner can help ensure that the business has the funds to purchase the deceased partner’s share of the business from the heirs. When you die, your heirs will inherit your business interests, but what if they have no desire to work in the business or have no knowledge or experience? A buy/sell agreement, properly funded with life insurance, can help ensure that the surviving partners can continue the business, and your heirs get a fair price for the business interests inherited from you.Cost of Buy/Sell Protection
Life insurance on the partners in a business can provide buy/sell protection for the business. Business life insurance costs depend on the type of policy and the amount of coverage needed, in addition to other factors, including age, general health, exams, smoking status, gender, and occupation of the partner for whom the policy is issued. Our agent at Olsommer Clarke Insurance Group in Hamlin, Pennsylvania, can help you find buy/sell life insurance protection for your business that with match the needs of your enterprise in premium cost and benefits paid.Olsommer Clarke Insurance Group offers free, comparative quotes on Buy / Sell Protection from multiple insurance carriers so you can get the best possible rate.
Want to see how much we can save you? Just request a quote to find out.