Life insurance pays a “face amount” to the beneficiary of the policy upon the death of the insured person. The purpose of life insurance is to fund the needs of anyone who would suffer from the loss of your income resulting from your death. Life insurance is used to satisfy both business and personal needs.
Collateral for business loans
Funding for buy/sell agreements
Funding lost profits while seeking a replacement for a key executive
Providing benefits to key employees and general employees
Funds to raise and educate children
Funds to cover funeral expenses and