Term insurance is bought by millions of people for a number of reasons. Families use Term for security. In case the insured passes away, your Term policy insures there will be money to use to pay for your home, college, outstanding loans and other major expenses. Small Business Owners use Term insurance as low cost debt protection to cover notes, lease obligations, business real estate mortgages and other expenses. Business Partnerships Often use Term Insurance to buy out partner\’s in the event of their death. For example, the deceased\’s beneficiary gets the insurance proceeds and the ownership in the company is then transferred to the remaining Partnered(s) Corporations use Term as stock purchase redemption. In this case, the corporation gets the insurance proceeds and buys back the stock from the deceased\’s beneficiary, notably the surviving spouse or estate. For businesses, Term Insurance can provide real benefits for the beneficiaries with no negative cash flow impact on the company.