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Life Insurance*:  Provides a “death benefit” to a beneficiary or beneficiaries in the event of death of the insured person.  In most cases, life insurance is meant to replace a financial loss caused by death.  For example, a family may not be able to stay in their home, send children to college, and otherwise continue their lifestyle if the bread winner was to die prematurely.  Life insurance replaces that financial loss to the family and enables continuing and expected expenses to be paid.

Life insurance may also be used in business to fund buy / sell agreements and to insure a “key man.”  A buy / sell agreement funded by life insurance pays a “death benefit” to the remaining partner or partners of a business upon the death of a one of the partners.  These proceeds are then used to buy out the deceased partner’s share in the business.  Life insurance may also be used to insure the life of a “key man.”  A “key man” is someone who is very important to the business and not easily replaced.  This type of life insurance helps the business survive the revenue loss the death of the “key man” may have caused and may help fund the replacement of the “key man.”