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You need to purchase a policy for each individual.
There is no all-inclusive policy to cover, for example, the first to die in case like this.
Typically, the parties enter into a buy-sell agreement and the company buys the policy on each of the principals.
When one passes, the company receives the insurance policy proceeds, which are then used according to the buy-sell agreement. Usually, the purpose is to prevent the surviving principal from having to due business with heirs or creditors. Instead, the surviving partner, in his/her capacity as agent of the business, uses the proceeds to buy the deceased partner's ownership interest out of the estate.
The company would then own that interest.
You could also purchase life insurance policies on the principals. This would be separate from typical buy-sell agreement policies.
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Is there any place on line I could get a free copy of a typical buy-sell agreement?
When I was in life insurance sales a few years ago there was something called a joint policy, it would average the ages of the people. They were both covered for the buy-sell agreement only.
Does that sort of policy still exsist