What life insurance arrangement would be most suitable for transitioning a business to family members (if the principle owner passes away)?

Many people purchase a life insurance policy so that their loved ones can be safe and secure financially when they pass away. Funeral expenses can be quite a lot and it can often be even worse if the death is sudden and unexpected.

However, there are also things that can be included inside your policy that not only end up helping pay for expenses surrounding the death but also insure that your family members are taken care of in the future as well. If you would like your business to go to a family member in the event of your death you should have a buy-sell agreement put into your policy.