Buy-Sell Disability Insurance
Businesses with more than one owner often draw up a buyout plan should one of the owners pass away. In the event of an unexpected death, the buy/sell plan ensures the stability of the company. Unfortunately, while most people plan for an unexpected death, many overlook the possibility of an injury or sickness permanently disabling one of the partners.
For any company, the sudden disability of a partner can be more detrimental than a sudden death. The healthy partner now is burdened by the disabled partner. The disabled partner, not able to productively contribute now sits on the sidelines. In some cases, the disabled partner continues to earn a salary, but does not contribute positively to the company. The company will quickly realize that it is in their best interest for the healthy partner or partners to buy out the disabled partner.
Buy-Sell Disability Insurance is invaluable in this type of situation. In partnership with Lloyds of London, KROST Wealth offers many high limit disability insurance plans designed to cover business owners and their buy/sell agreements. Buy-Sell Disability Insurance is a perfect solution to this problem and an effective way to save the company from financial distress.