Key Person Insurance for Business Owners
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Protecting Your Business Against the Loss of a Key Employee
If the success of your business depends on a few key people…
Key person life insurance can help ensure that your business continues to be successful, even if you lose their expertise.
Business purchases life insurance policy on key employeeLife insurance company issues policy covering key employeeAt death of key employee, income tax-free death benefit paid to business1
The advantages of this strategy:
When the financial soundness of your business is threatened by the death of a key person…
Key person life insurance can provide the protection your business needs to keep going.
Here’s how it works:
Permanent life insurance:
1 Assuming the disclosure and consent requirements of IRC 101j and 6039 are met prior to issuance of the policy
2 Policy loans and withdrawals reduce the policy’s cash value and death benefit and may result in a taxable event. Surrender charges may reduce the policy’s cash value in early years.
You don’t have to figure it out alone. We’ll help you. Schedule a consultation today.