He did not need life insurance….?
I have a client whose husband was a very successful businessman. Through hard work and industrious times, this couple built a very successful company in Western Canada.
Tragically, the husband was killed in the corporate aircraft along with all others on board. Lawsuits emerged from the estates of those who perished on board and hundreds of thousands of dollars were spent on legal fees defending a negligence suit.
After two years, no negligence was the decision of the court but during that time the court froze all the assets of the corporation pending the outcome of the lawsuits. My client, the widow, was not able to access any money from her company and no income was available.
It turned out, however...