Life insurance is vital for businesses for many reasons.
If the business owner dies, life insurance can provide much-needed financial stability for the business. This can be used to keep the business afloat, pay off debts or simply support the business until it can passed to your family or the business can be sold.
Life insurance can also be used as a key employee retention tool. Offering low cost and affordable life insurance policies to your employees is a benefit not worth overlooking. We can help you find plans that are a comfortable benefit at business cost or low cost to the employee should they choose to add it.
Do you have more than one shareholder? Life insurance can be used to fund a buy-sell agreement. This is an agreement between business owners that stipulates that if one owner dies, the surviving owner(s) will buy out the deceased owner’s share of the business. This can be a vital tool to ensure that the business survives the death of an owner.
A business succession plan can also be made stable with a life insurance policy. This type of plan involves the transfer of ownership of a business from one generation to the next. The life insurance policy can be used to provide the necessary funding to make this transition possible.
Finally, life insurance can provide peace of mind for business owners. Knowing that their business is protected in the event of their death can allow business owners to focus on running their business, rather than worry about what would happen if they were to die.
Ready to discuss? Contact us to find out your options.
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