Protecting your Business?
Business Life insurance is perhaps one of the most overlooked items in the portfolios I review. For whatever reason, small business people tend to ignore the fact that something could happen to one of the lives in the organization. For a small business person, even the loss of a receptionist could mean disaster for that business. Knowing this made me realize, that business insurance agents are not having the discussion. In an effort to spread the word, I’ve come up 5 reasons your business should purchase life insurance. On the other hand, someone could have already had this discussion, but you didn't listen the first time.
Here's the plain and simple truth. If you can afford life insurance for your business, get it! If you're a small business person, your life insurance does double duty. For sole proprietors and family owned businesses, life insurance can be used to payoff business debt while providing extra income to leave for your family. For some reason, business people ignore this. Oh well, let's talk about a few business reasons to buy life insurance for your business.
Keyman Life Insurance
Deferred Compensation
Executive Bonus Plans
Business Perpetuation
If you’ve worked hard to build your business. Do you have a staff that depends on your leadership and guidance? What happens to your business after your death? Do you have liabilities that need to be paid? Are you a co-owner with a business partner? Business continuation requires planning with the right professionals. You should work closely with your attorney and tax consultant to plan to best plan for your business.
Life insurance can be used for your business to fund all types of business continuation requirements. Whether you need a buy-sell agreement between two partners or a cross-purchase plan for several owners and investors; life insurance can be used to provide cash can to assist with orderly, the impact following the death of a business owner or key employee.