Life Insurance is Beneficial for Business Owners and Employees
A business life insurance policy allows both owners and employees to insure income in the event of a loss. Owners can choose from a wide range of coverage for their business and employees. Life insurance for a business owner is particularly attractive because it is a protected asset in case of bankruptcy. Filing a claim for business life insurance depends on what kind of policies are included in the plan. You may want to seek help from a public insurance adjuster to help you file the claim and settle it quickly.
Business life insurance policies can include:
Key Man Insurance
A policy that provides for a valued employee under various circumstances, it can also provide additional retirement funds for key employees and owners (something many consider when looking online for options to assist with these funds).
Buy/Sell Agreements
This policy allows a spouse of a partner or owner to buy out their share of the business in the case of death.
Group Life Insurance
A competitive offering along with a salary that can be purchased at minimal cost and allows for a lump sum payment to the employee’s beneficiaries.
Group Long Term/Short Term Disability
Similar in cost and competitive offerings to the group life insurance, this policy provides coverage for employees loss of income due to a debilitating injury. Finding the best disability insurance companies that suit your needs, is of the highest importance for your peace of mind.
Offering life insurance policies allows a business owner to give competitive packages to valued employees. We also offer policies for owners to take advantage of life insurance benefits. Our agents can customize a plan to fit your company’s needs. Contact us for more information.
Protect Your Loved Ones No Matter What Life Throws Your Way
Because a life insurance policy from your employer may not be enough, we offer personal insurance policies designed to cover a range of needs. Personal insurance can provide benefits far beyond the traditional end of life expenses. Life insurance may also be used for the following:
Family Protection
In the event of unforeseen circumstances, life insurance can guarantee enough money to replace your income for a spouse and family members.
Estate Planning
Eliminate estate tax liability and protect your personal assets for those surviving you, with help from CunninghamLegal or other legal services.
Mortgage Insurance
Leaving behind a mortgage for a spouse can be a big problem. Mortgage insurance alleviates the stress of having to sell a house after the loss of a loved one.
Replacement of Assets
After 70 ½, you are required to start receiving income from retirement assets. A life insurance policy can replace those lost assets for the sake of your family.
College Planning
You can use a life insurance policy to withdraw funds for college tax free. Using a life insurance policy for college also does not count against you when you request financial aid.
Long Term Care (LTC) Protection
Many life insurance policies allow you to use the death benefit to pay for long term care. This money is also tax free, with a bigger death benefit available than the cash value. If you never use this benefit for LTC, you can get the money back.
Personal insurance is an asset for your financial portfolio to provide extra protection for your loved ones. Our agents can customize a plan to fit your personal needs. Contact us for more information.
