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Insurance is a versatile and valuable financial product, that can be used effectively for many purposes. Some insurance products, such as universal life, participating life, annuities, and segregated funds, can be used as investments, providing a specific guarantee or benefit, while also potentially growing the capital invested. They can provide an income stream or a lump sum when needed. Insurance can also be used to reduce taxes when a person dies or transfers property. Businesses use insurance policies to fund buy-sell agreements and facilitate the profitable continuation of a company when a member of the ownership or management dies or becomes disabled. Life insurance can facilitate the equitable distribution of an estate. Advisors need to be knowledgeable of different types of insurance and the strategies that can be implemented for their clients.