Business Life Insurance

Home Business Life Insurance

Secure the future of your business financially and take care of key employees with Business Life Insurance.

How life insurance can protect your business

By purchasing life insurance for the you (the owner) or your key employees, your business will receive a death benefit that can help it through complicated situations such as:

Creditors requesting immediate repayment

After the loss of a key employee, creditors may have concerns about the business and demand immediate repayment of loans. A death benefit on the insured key employee can help fund these repayments.

Taking the time to find the right replacement

Replacing a key employee is hard on many levels. The death benefit payment provides a cash infusion to help with recruiting a replacement and covering any revenue lost during this difficult period.

Setting your business up for the future

Before receiving a loan for your business, your bank may require a life insurance policy be set up for key employees before they release the funding.

Offering two types of life insurance

Offers permanent lifelong cover as long as the policy is active

Death benefit payout is guaranteed

Opportunity to build and grow cash value within the policy

Insurance premium is fixed and will not increase

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Offers temporary protection for a defined period of time

Insurance terminates after the contract period ends

Lower premium cost compared to permanent cover

Insurance premium is fixed and will not increase

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The immediate benefits of business life insurance

Grow Company Assets with “Cash Value”

A policy’s “cash value” is the amount of money a policyholder receives when canceling their Whole Life insurance policy. Cash value grows over time and can be used for different purposes, including use as security or collateral for business loans and for diversification of company assets.

Fund a Buy-sell Agreement

A buy-sell agreement determines how a partner's share in the business will be handled when a partner dies. Commonly, the remaining partners will purchase the shares of the deceased partner from their family members. An insurance policy can be set up to fund this transaction.

Executive Remuneration Package

In order to attract and retain executive talent, a Whole Life insurance policy is often included in the remuneration package of an executive. When they retire the company can transfer this policy to that person or give out the cash value as a retirement gift.

Succession Planning

As a business owner, you want to make sure your lifelong hard work is in good hands after you’ve passed away. Life insurance helps fund any transition plan, no matter if you are selling your company or passing it to your family. Plan early and have peace of mind.

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