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Business Life Insurance Is Used To Fund Business Arrangements
 
 

Business Insurance can fund untimely events to key business persons or owners that can cause critical financial disruptions to the business.  Business life insurance can be used to fund the impact of a death.

The most common uses for Business Insurance are:

Overview

The Most Important Types of Arrangements Are:

Transfer Coverage   "a will for your business"  

Owners can execute a buy-sell agreement and fund the agreement with life insurance. A buy-sell agreement is an arrangement for a business to continue in the event of the owner's death, disability, retirement, or early withdrawal from service. Life insurance, through the death benefit or cash values (if a permanent policy is used), can provide the funds for the surviving or new owner to purchase the interests.

 get a quote  Business Buy-Sell  
 get a quote  Partnership Buy-Sell
get a quote  Corporate Buy-Sell

  Debt Coverage                                                  

The proceeds of coverage can provide funds to payoff debts in the event of the owner's premature death. The policy is taken out on the life of the owner when the debt is first incurred. Other policies can be obtained for disability.

 get a quote Business Debt Coverage  


  Key Employee Protection Plans                                         

The loss of a key employee can severely impact the financial health of a business in several ways: lost sales; costs of recruiting, hiring and training a replacement; costs to continue the salary to the employee or the family; or loss of credit.  Deteriorating financial health can lead to the loss of customers and harm a good reputation. Life insurance can provide funds to temporarily replace lost profits as a result of a key employee's death, strengthen the business's working capital, reassuring other employees, creditors, and investors about the continuity of the business, and provide funds to recruit and train a suitable replacement.
get a quote  Key Employee

  Non-Qualified Deferred Compensation (NQDC) Plans
NQDC plans funded with life insurance can help attract and retain key employees. Such plans are contracts between employers and key employees to pay future compensation for work performed now. Most NQDC plans provide for a stream of payments to be made to the employee following retirement. The payments typically come from the cash value of a permanent (rather than term) policy. The employee is not taxed on the money until it is received.

 get a quote  Non-Qualified Deferred Comp
  Executive Bonus Plans
Another way to provide an extra benefit to key employees is through an executive bonus plan. With this plan, the employer gives a bonus to a key employee who then pays taxes on the money and uses the remainder to purchase a life insurance policy. The employee has all ownership rights in the policy, such as access to the cash value and the power to designate beneficiaries, while the employer receives a tax deduction for the disbursement.
get a quote Employer Executive Bonus

   Supplemental Executive Retirement Plans (SERPs)       

 

SERPs provide key employees with supplemental retirement income generated by the cash value of a life insurance policy. Qualified defined contribution plans are limited to considering only the first $200,000 of compensation when arranging retirement benefits for highly compensated employees. SERPs layer in on top of such defined contribution plans, allowing for the key employees to have a total retirement plan package.
get a quote  Supplemental Executive Retirement




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TermLifeAmerica.com- Lewis Fink is licensed as an insurance agent offering Life Insurance in the following states: Alabama - AL, Arkansas - AR, California - CA, Colorado - CO, Connecticut - CT, Delaware - DE, District of Columbia - DC, Florida - FL, Georgia - GA, Idaho - ID, Illinois - IL, Indiana - IN, Iowa - IA, Kansas - KS, Kentucky - KY, Louisiana - LA, Maine - ME, Maryland - MD, Massachusetts - MA, Michigan - MI, Mississippi - MS, Missouri - MO, Montana - MT, Nebraska - NE, New Mexico - NM, New Jersey - NJ, New York - NY, North Carolina - NC, North Dakota - ND, Ohio - OH, Oklahoma - OK, Pennsylvania - PA, Rhode Island - RI, South Carolina - SC, South Dakota - SD, Tennessee - TN, Texas - TX, Utah - UT, Vermont - VT, Virginia - VA, and Wisconsin - WI.  


Not all insurance products from all insurance companies are available in all states.
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