There are so many moving parts when a business.  If you’re like most small businesses, could you imagine the impact of a key employee dying?  First, there is the employee’s family and their needs. Second, there is the business and this is where it can get complicated.

Purchasing life insurance for the family is critical. Purchasing life insurance for the business may be even more important. No matter how well-run a company is there is a shock to the system when an owner or key employee dies.

 Did you know that at the death of an owner, small to medium-sized businesses lose more than 60% of sales? And you may be like other small businesses that rely on 1 or 2  key employees, many of these businesses have a significant reduction in sales after the death of a key employee or are out of business within a few years. That’s scary.

Well-planned life insurance for your business is inexpensive and can help stabilize your cash flow and help you prepare for life without you or one of your key employees. So often, owners forget that the process to replace themselves or other key employees could be expensive at the time of need and the time it takes for the replacement employee or owner to get up to speed could be long and bumpy…all that takes money.

Life insurance has become a key piece of an employment retention package, especially for senior managers and executives (this includes business partners as well). For example, key employees are that for a reason. They are critical to your operations and are well compensated.

But there is always someone with money to burn and your employees could get poached. A life insurance policy is an excellent tool to keep competitors away, especially one with added benefits like Critical Illness Riders, Disability Income Riders, or Return of Premium Riders.  This type of policy and riders provide protection for the employee’s family through the insurance and the return of premium (if purchased and available in your state) can be accessed by the employee at the end of the term policy.

In a buy-sell agreement, there is typically language that allows surviving partners or the business itself to purchase the shares of the deceased partner at a pre-determined price. Having well-thought-out life insurance can provide the funding to make that happen, allowing for a more seamless path to getting the business back on its feet and properly take care of an owner’s family during a time of grief.

We have created simple solutions to help you determine, organize, apply and for life insurance for your business in less than 10 minutes.  Without needing to talk with an agent.  We do all of the heavy lifting for you, you just need to know if you are interested in Key Person Insurance or Buy-Sell Agreement Funding (or both), then you need a few key pieces of information about your business, partners, or key employees…we will take care of the rest.  

You can build your own plan that allows you to choose your coverage amount and instantly see your rates, your partners’ rates, or key employees’ rates. Then you can instantly choose other policy benefits, change benefit amounts, change coverage duration and see the results instantly on your screen. Then you will be able to instantly apply (we will also send your business partners or key employees the ability to instantly apply as well) and be approved in minutes!  Life insurance for businesses no longer needs to be a long, drawn-out process.