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Business Owner/Key Employee
Business Life Insurance can provide businesses with the capital necessary to survive the passing of a key employee or partner.
As business owner, partnership or closely held corporation no matter what your business, a well-conceived insurance and benefits program is essential. Upon death or becoming disabled, insurance can help protect your family and your business.
To get a sense of how well you’ve planned for these responsibilities, ask yourself these questions:
- What will happen to my business and family if I die or become disabled?
- What will happen if certain key employees die or become permanently disabled?
- How can I attract and retain the best employees?
- How can I help ensure that my business will be able to weather unforeseen financial hardships?
- What will happen to my business when I retire?
Business Protection in a Financial Storm
Being a business owner is rewarding. It gives you the freedom to do what you love and to control your destiny. Mike put a Permanent life insurance policy in place to protect his family and a means to build cash value.
Then came the economic crisis of 2008. His business took a huge blow when markets contracted and several major oversees clients were unable to pay their bills.
The infusion of money from a loan against the cash value in his policy allowed Mike to regroup and keep his business going, and in the process it protected his family financially as well as his employees.
Mike is thankful for these living benefits of life insurance that help him whether the financial storm.
Withdrawing or borrowing funds from your policy will reduce its cash value and death benefit if not repaid, and may result in a tax liability if the policy terminates before the death of the insured.
Connect with VIP today to get started on a business life insurance plan. We will help come up with a customized plan perfectly suitable for you.
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