Life Insurance For My Business
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There are many common themes between the reasons people buy life insurance for their personal lives versus for their businesses. Think of it this way: your business is a member of the family and it should be taken care of accordingly. Here are many reasons to utilize life insurance for your business:
Instant Decision Life Insurance
You can quote, customize and buy life insurance in 10 minutes or less! No need to wait to speak to an agent, you got this!
Stabilize the business upon death of a key employee
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.
Benefit to Retain Key Employees
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.
Funding Buy-Sell Agreements
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.
Using One of Our Solutions
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.
Which Type of Insurance is right for you?
Everyone has their own needs, wants, and wishes for buying life insurance. Ultimately the best life insurance policy is the one that pays out to your beneficiaries when you need it to. Working with a Quote-Bot will help you find a budget-conscious life insurance plan to make sure your family members or business partners are properly taken care of when you need them to be. Here are two of our most popular term life insurance products.
Fast Quoting Process
Our quoting process takes about a minute to complete and view your quote. We also instantly update your quote with any changes you would like to see, without having to start all over!
Instant Decision Underwriting
For many, you can go from our quote to a completed purchase in less than 10 minutes! Our Instant Decision process keeps you from having to wait around to see if you qualify.
Solutions That Fit Your Needs
We pride ourselves in providing high-quality and well-planned solutions no matter how big or small your need is. Our solutions will bring you from concept to completed purchase in minutes!
Frequently Asked Questions
Our process and solutions are designed to help remove the need to talk with an agent. But yes, you can speak with an agent if you like. You can use the chat feature on this page or call and speak with an agent.
Missing a premium is an important thing to know about and thankfully there are programs in place to help notify you if you do miss a payment. Typically you have around a 30-day grace period to make your payment. The insurance company will email you but may send you paper mail, making you aware of the payment issue and giving you instructions on how to resolve it. If you do not make a payment during the Grace Period, you will have to go through underwriting again to keep your coverage.
If you are age 18-50 and applying for up to $1,000,000 of Death Benefit, or ages 51-65 applying for up to $500,000 of Death Benefit, you may not need an exam! When you apply outside of those death benefits or ages, you are required to have a medical exam. Don’t worry, well will help arrange that for you. These exams are required (if needed) so the insurance company can verify your eligibility and your premium amount.
Instant decision means that we will let you know immediately (possibly up to 90 seconds) whether or not you are approved, if we need more information, if you were declined or if you need an exam. No need to wait around very long for answers.
Our Instant Decision process takes 10 minutes for most to complete. Some are faster, some are slower. The good news is that once your done with your application, we give you answers anywhere from instantly or up to a 90 second wait or so. It’s Fast!
No. We strive to provide a solution that allows you to go from beginning to end in minutes without the need for speaking to an agent.