Edward Graves, author of “McGill’s Life Insurance” recommends using your life insurance policy as an immediate source of cash to help replace damaged property and address unplanned emergencies.
While some families might have the funds necessary to cover everything, the immediate cash from a life insurance policy can be a lifesaver for others.
When its owner for more than four decades passed away suddenly, Troy Belting and Supply Co in Watervliet, N.Y. could have collapsed, as do many family businesses that lose their leaders. Instead, the company continued to operate and grow, thanks in part to a succession plan funded by life insurance.
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