Buy/Sell Agreements – Do you have a loan that is financing your business? Do you have a business partner? If you answered yes to either of those, you should have a “Buy/sell” agreement in place. It’s simple and inexpensive to setup. It is typically purchased when their are multiple owners of the business. The agreement is setup by your attorney. Term life insurance is used to fund the agreement. You decide the value of your business at the time you set it up. You each purchase a term policy on your lives for the amount of what it would cost to buy you out of the business. If any of the owners die, the surviving partner(s) collect the insurance money and use it to buy out the interest of the deceased partner. If a “Buy-sell” agreement is not in place, you might find yourself with your new partner being the surviving spouse or other family members.
Key Man Insurance – This is life insurance on key individuals in your company. If you were to suddenly lose an important team member, you may suffer a financial loss if you can’t replace their functions in a timely manner. Key man insurance provides you financing to make that transition. Perhaps to pay for a professional “Headhunter” to find you a qualified individual and the capital it may cost to hire them.
Life insurance is an expense, not an investment. That is why we recommend inexpensive term life over “whole life” policies. Most term policies offer the “Return of Premium” (ROP) feature. With ROP, you get all of your premium dollars back if you live to the end of the term. If you prefer whole life, universal life, or variable life, we have access to all of those products from various carriers.
How much insurance do you need? It’s not that complicated to figure out. We will help you calculate your need very quickly. How much do you owe? How much would you need to replace in monthly income and for how long? What goals would you like to see completed even if you weren’t here to see them through? Things like sending a child to college or a charity or gift to someone special?
Interested in a hassle-free quote? Please call us at 1-800-493-0727 or click here and complete the Request for Quote form.