425 Walnut Street
There are many different uses for life insurance. As part of your comprehensive wealth management plan, we can discuss which type of insurance will be appropriate for you.
Common uses of life insurance:
Family Protection: A family dependent on one breadwinner should consider protecting against the potential loss of income from an unexpected death
Key person Insurance: A business dependent on an important employee should consider protecting against the potential increased costs and lost revenue from losing a key employee. In a key person insurance policy, the company is the beneficiary of the plan and pays the insurance policy premiums.
Buy Sell Agreements and life insurance: Buy and sell agreements are often used as a business succession planning strategy. Life insurance contracts can be used to ensure the availability of funds in the event of a partner’s death.
Irrevocable Life Insurance Trusts:“ILITs” can be a significant tool if your goal is to transfer wealth to a future generation in a tax efficient manner.