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Life Insurance
The primary purpose of life insurance is to protect your employees' dependents financially in the event of their death. Properly positioned, the benefits from a life insurance policy can provide a steady stream of income for your employees' family in the event of their death.
As a business owner or partner, Life Insurance can also protect your business from financial devastation in the event of a death of a partner or key employee.Life Insurance Benefits
Benefits for the Employee
In the event of an employee's death, life insurance can provide capital and income to help stabilize the family financially. Many employers offer small amounts of coverage that barely cover the costs of burying the deceased employee. Mortgage/rent, food, utilities, car payments, child care, health care still need to be paid and can quickly deplete a family's savings account if one or the entire income is lost. Life insurance can help save the family from the added burden of financial devastation that a loss could bring.
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Keyman Insurance
- Coverage is provided for key employees or executives such as a partner or CFO.
- Provides liquidity
- Provides income while replacement personnel is found
- Can be used as a form of deferred compensation
- If you have a California partnership and a partner dies, in some cases the business has to shut down, pay off all debts, and restructure the entity. Keyman Insurance can provide coverage to help pay the debts and restructuring.
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Funding Buy/Sell Agreements
- In some cases, the death of a business partner will leave their share of the business to the family of the deceased. Buy/Sell Agreements can provide coverage to pay off the deceased partner's share of the business.
- This agreement has to be setup properly. We have the knowledge and experience to do it right.
Benefits for the Employer
Life insurance is not only for the employees. Certain life insurance benefits can protect a business if a key person dies.