Buy/Sell Agreement is when business partners purchase life insurance policies on the lives on each co-owner but not on themselves. In the event of one of the co-owners death, the other co-owners will be paid a lump-sum benefit that is then paid to the deceased's surviving family members as payment of their interest in their business.
Posted: Fri Jul 24, 2015 08:08 am Post Subject:
Buy/Sell Agreement is when business partners purchase life insurance policies on the lives on each co-owner but not on themselves. In the event of one of the co-owners death, the other co-owners will be paid a lump-sum benefit that is then paid to the deceased's surviving family members as payment of their interest in their business.
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