Whilst it may be your life that is being insured, it’s the welfare of your business and estate that is being addressed. Life insurance results in a lump sum payment upon the death of the person insured.
A claim payment for the Life cover can enable the surviving business principals to buy out the financial interest of a deceased principal. The insurance provides the funding whilst the appropriate buy/sell agreement formalises the transfer of the company shares.
Other types of Business Insurance Cover