Take care of the business.
Life Insurance isn’t just for individuals. The purpose of Key Person Insurance is to help the company survive the blow of losing the person/persons who make the business work. It can protect the business from financial loss, liabilities or instability in the case of the death of a Key Person/Persons. Whether providing necessary short-term cash or keeping operations going until things settle, life insurance can be invaluable in maintaining the business you’ve worked so hard to build.
The company can use the insurance proceeds for:
- Expenses until it can find a replacement person
- Debt repayment
- Distributions to investors
- Purchasing ownership from the estate or survivors
- Severance payments to employees
In a tragic situation, Key Person Insurance gives the company options other than immediate bankruptcy.
Take Care of family.
In your life, you and your employees work hard to make sure those you love — spouse, partner, children, family members — are taken care of. It’s just as important to consider providing financial support for the future living costs of surviving dependents. After all, they will have to live without your financial support. Make sure they’re protected, too.
Planning for the unexpected helps surviving loved ones with financial obligations. Life Insurance proceeds are tax free. When determining the amount of Life Insurance needed, some things to consider are:
- Funeral Expenses
- Debt ( Mortgage, Auto Loans, Credit Cars, Medical Bills)
- Living Expenses
- College Tuition
- Wedding Expenses of Children
- Charitable Donation
Nothing can replace you in their hearts, but having a plan in place will make things easier for those you leave behind.
If you have questions about Life Insurance or interested in evaluating your needs, call us at 513.644.1085 or email email@example.com