Many businesses have buy out agreements where one partner agrees to buy out the others at death. Typically, however, these agreements remain unfunded and antiquated. Often, when a partnership is established the agreement is written. The business grows but is never re-assessed. If any life insurance was ever purchased to fund the buy-out, it is too little or too much, or even lapsed. It is therefore critical to revisit the buy -out of your firm on a regular basis.