You, as a business owner, and other key executives in your management team spend considerable time and effort making yourselves and them valuable to the business. When someone dies, the business loses a key member of its management team, which can have a severe financial impact. In the absence of proper planning, the survival of the business may be affected by the death of you or a key executive.

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The life insurance proceeds on decease will give the business immediate cash and provide a source of funds for the replacement of the deceased executive.

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Additionally, you can offer supplementary benefit packages, including benefits and life insurance protection, to attract qualified employees. Life insurance protection ensures that, if an executive dies, his or her dependents receive money that can be used to cover their family expenses, such as funeral expenses and mortgage.

 

The life insurance policy is purchased through the business, and it may be owned and funded jointly by the business and the executive. The executive’s dependents will be named as the beneficiaries of all or a portion of the policy depending on the agreement between the business and the executive.

 

We can help you identify your needs for key-person insurance and executive compensation.