Quote from Foghorn on 06/18/08 at 15:16:44:I just don't want to have to buy two separate policies. I want it all consolidated into one policy. I need the interest in my business to go to my business partner, but I also want to cover my family for a small amount. I just don't see the need to get two separate policies, as generally one large policy is less expensive than two small ones.
Quote from Solutions on 06/05/08 at 14:06:59:Quote from Foghorn on 11/06/07 at 13:45:23:I have a small business that I want to use as the owner/payor of my life insurance policy. But I also want to have my wife/family as beneficiaries so that I don't have to have 2 separate policies. I have talked with some agents and got some mixed responses on this issue. Any ideas as to if this will fly?
There is such thing as buy/sell agreement between partners. What are you trying to accomplish? In case you were to die yesterday, you want your interest in the company to be passed on to your family? Provide more details please.
Eugene Goldberg
www.nmfn.com/eugenegoldberg I would recommend getting a buy sell agreement between you and your partner. Lets just say in the event of premature death you want you interest in the business to be paid out to your partner (E.g. 1 million dollars) you, mentioned, instead of taking a 2nd policy, you want a little bit to go to your wife. Let’s say 100k.
What you can do is, take out a policy for 1.1 million, and specify your partner as primary beneficiary and your wife as primary beneficiary as well. and divide the interest, lets say 90% will go to your partner and 10% to your wife. Does that make sense? Any questions please feel free to contact me 212-819-1800 ext 6659
Eugene Goldberg
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Beneficiaries for Business Ins. (Read 514 times)
