Life insurance is mostly commonly used to ensure one’s family is protected financially in the event of the death of the primary breadwinner. However, there are many ways business life insurance can be used to protect the business. A few of these are:
Key Person Life Insurance: Life insurance taken out on a vital member of a company that protects the company from the adverse effects of the loss, due to death, of that employee. The funds received from the life insurance policy enhances the company’s ability to smoothly continue it’s business operations. It can provide the necessary funds to attract, hire and train a replacement for the lost key employee.
Buy-Sell Agreements: Agreements between the owners of a business, which provides that the interest of any of them who dies shall be sold to and will be purchased by the surviving co-owners or by the business at a value agreed upon by the parties and stipulated in the agreement. Properly-structured life insurance policies are typically used to fund the purchase.
To find affordable life insurance for your business, contact us or call us at 866-691-0100 to speak with one of our licensed representatives.
Deciding which type of life insurance product is right for you can be difficult; regardless of whether you’re considering retaining your current policy or you’re shopping for new coverage, it’s important to note that there are benefits to both term life insurance and whole life insurance. Which is the best … Continue reading Term Life Insurance vs. Whole Life InsuranceRead More
We all know how a good life insurance policy can positively affect your family—providing stability, financial security, peace of mind, etc. But have you ever considered how this relationship works in reverse? It’s true, while life insurance does wonders for your family, your family might have some not-so-desirable effects on … Continue reading How Family History Affects Your Life Insurance RatesRead More
Let’s face it, when people think of life insurance, they usually don’t think of adrenaline pumping, heart-pounding, high-speed excitement. Well, that’s all about to change with the announcement that groundbreaking—and record breaking—racecar driver Danica Patrick will become the new national spokesperson for Life Insurance Awareness Month this coming September. … Continue reading Danica Patrick Becomes Spokesperson for National Life Insurance Awareness MonthRead More