This is one of the most neglected ways of protecting one’s family and business. The same types of life insurance are used in this area — it’s just the way they are used that’s different.
Business life insurance is primarily a funding vehicle. It provides money for solutions to problems caused by death. If the problem is, say, loss of profits when an owner or other key employee
dies, and if the solution is to have money on hand to offset lost profits and hire a replacement, then life insurance answers the question “Where will the money come from?” Most death related business problems have solutions that require money.