Looking for life insurance for business purposes? You’ve come to the right place.
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Business Life Insurance purposes
Key Man Life Insurance
Key Man Life Insurance is intended to provide a business the money necessary to see it through the loss due to death of a key individual.
The money would be typically used for such things as recruitment and training of a replacement employee or partner.
Think about it, what if your #1 salesman died and his customers all leave and go to a competitor.
Or what if the manager of your business dies, the manager that your other employees and your customers love. Will you lose other employees and customers.
Buying a term life insurance policy on the life of a key employee is an easy way to protect your business if the key employee were to die.
Buy Sell Agreements
If you’re partners in a business, and that partner dies, their shares in your business are likely to pass over to their spouse. This places you in the position of now being in business with your partner’s spouse.
To prevent this, buy sell agreements are often put in place. Basically the partners and their beneficiaries agree that should one partner die, that partner’s spouse is required to sell their shares back to the remaining partners – at a reasonable price.
The money to buy this forced purchase is often times provided through life insurance. If a partner dies, the life insurance proceeds are paid by the insurer to the remaining partners, who then give that money to the deceased partner’s spouse in return for their shares. This technique requires the assistance of a skilled lawyer and accountant.
Make a quote request using the quote form to the right to see how inexpensive business life insurance can be, then call or email us if you’d like help in securing the best offer of life insurance.