Words can’t describe what your employees and their families endue after a loss of a loved one. Life insurance helps families pay off debts and other expenses, so they have to rely solely on savings. If your employees have anyone who depend financially on them, they need life insurance no matter their age or marriage status.
One of the biggest reasons to buy life insurance is to provide money in case of death. If you’re single and don’t want to leave money to anyone, you may not need life insurance. But as you take on more responsibilities and your family grows, your need for life insurance increases. The proceeds from a life insurance policy can replace the income lost to your family upon your death. The life insurance death benefit can also pay off debts and expenses, provide money to a charity or organization, and cover final and estate expenses.
Business continuation insurance is a risk management strategy. Your company’s long-term planning should include contingencies to mitigate loss of leadership and financial stress in the event a partner dies or becomes unable to participate in ongoing operations. Life and Disability policies are payable per the terms of the business contract – typically buy-sell, cross-purchase or entity purchase.
The profitability of many small businesses can be attributed to a core group of key individuals. Unexpected death or disability of one of these key people could have a devastating impact or cause the demise of the company. Key person insurance protects your business and gives you the financial resources to regroup and get back on track. The company pays the premiums receives the payout.
Attracting and retaining top-caliber employees is a major problem facing many businesses today. Small business owners are aware of the importance of good employees and their contribution to your business’s success. A benefits package including qualified retirement plans or group life insurance, can help you find and retain a successful team and in turn, grow your business.
