Category Archives: Key Person Life Insurance
Anyone that has a business understands how important it is to be able to have a secure financial foundation. Numerous businesses have gone belly up all because they didn’t have the proper funding. Those individuals that are interested in making sure that their businesses have a financial future should consider life insurance for the business owner. This particular type of life insurance can be used for a variety of purposes. One of the main reasons people obtain life insurance for the business owner is to make sure that the person who owns the business has some sort of financial backing. Since things with businesses fluctuate so frequently, this type of insurance policy helps to protect a business owner in a variety of ways.
As a business owner, you may depend on a number of key people for the successful function of your business. Many businesses have been built around the strengths and skills of a few individuals whose knowledge, or experience makes them a valuable asset to the business.
Key person insurance can help protect the value of your company and help keep the company running in the event of a death of a key stakeholder in the company. Replacing the knowledge of a vital employee can take time and money and can jeopardize the continuation of the business.
A key person life insurance policy can offer the following benefits:
- Help heirs of the estate to meet tax obligations without effecting the operation of the business.