How to Use Life Insurance in Business Planning

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Life insurance can come in quite handy when business planning if you know what you're doing. Use life insurance in business planning with help from a member of the California Department of Insurance Curriculum Board and insurance professional in this free video clip.

Part of the Video Series: Life Insurance & More
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Video Transcript

Hi, I'm Tony Steuer, The Life Insurance Sage, to talk about how to use life insurance in business planning. Using life insurance in business planning can range from the simple to the complex. I'm going to talk about the two most simple uses and the most common uses of life insurance in business planning. The first basic use is key person life insurance and that's where you use life insurance to replace the value of a key employee. That's somebody that the company depends upon either for reputation, for sales or for their key ideas. They're the linchpin of the company. The second most common use of life insurance is to find a buy/sell agreement between a pair of partners or more than two partners. So partners in a business will get together and they'll purchase life insurance policies on each other to replace the income that's lost if a partner were to pass away. Those are the two most simple uses of business life insurance. Life insurance can be used by businesses in many other ways and are worth exploring to see how they can benefit your business. I'm Tony Steuer, The Life Insurance Sage, and those are some basic tips on using life insurance in business planning. Thank you for watching.

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