Businesses
For many business owners, accumulation of money and assets isn’t really the problem. The trouble comes when you try to get those assets out of your company. We can help.
KEY PERSON LIFE INSURANCE SOLUTIONS
Key person life insurance is not a specific type of policy, but a way to use life insurance to off-set a significant business risk. There are many ways to design this plan to be cost-efficient, and even profitable! This is a true custom-tailored plan that helps businesses accomplish long-term goals, multitask dollars, and protect assets while building lasting wealth.
GROUP LIFE INSURANCE, GROUP DISABILITY INSURANCE
Providing your employees with affordable financial protection is paramount to making your team feel appreciated and cared for. Many plans allow your team to be covered via very simplified underwriting, or even guaranteed-issue. Coverage can also be portable and convertible! Looking for a review of your current plan? Or perhaps a more strategic option? Get in touch for a complimentary plan review.
BUY-SELL AGREEMENT LIFE INSURANCE
A buy-sell agreement, also known as a buyout agreement, is a contract funded by a life insurance policy that can help minimize damage resulting from the sudden departure, disability, or death of a business owner or partner. While a key person policy addresses day-to-day operations of a business, buy-sell agreements address ownership in the event that one of multiple owners passes away. A buy-sell agreement is one of the most under-utilized (yet highly critical) planning elements for businesses with multiple owners.
This contract is among business owners which, upon the death of one of the owners, requires the remaining owners or the company itself to purchase the deceased’s interest in the company according to the agreed upon terms of the contract. In addition, the deceased’s heirs are required to comply by selling their inherited interest at the previously agreed upon price.
Without a buy-sell insurance plan, the death or disability of an owner or partner can trigger a domino effect that can cripple a company.
COLLATERAL ASSIGNMENT OF LIFE INSURANCE
This is a conditional assignment appointing a lender as the primary beneficiary of a death benefit to use as collateral for a loan. Banks readily accept life insurance as collateral due to the guarantee of funds if the borrower dies.
In the event of the borrower’s death before the loan’s repayment, the lender receives the amount owed through the death benefit, and the remaining balance is then directed to other listed beneficiaries.
