Life Matters… Protect it

Business Life and Health Insurance


Business Life and Health Insurance.

Proper insurance and building a team of employees is crucial to any business. Business life insurance provides financial security for your business and your family in case of your loss to the business. Business disability insurance protects your business, your family and you when you are unable to work due to illness or injury.

Business critical insurance protects your business, your family and you when you are in any critical illness. Key employee life insurance helps your business survive the loss of key employee . key employee disability insurance provides financial security for your business when key employee becomes non performing due to illness or injury. Key employee critical illness provides financial security for your business when key employee in critically ill.

Health benefits through group plans provide health benefits to your employees and help your business to retain them.

An unforeseen events in business like death of a owner , disability, critical illness, divorce, retirement or bankruptcy triggers a buyout .Usually buyout is done through agreement which is called buyout agreement or buy sell agreement .The business life and health insurance provides funds to buyout agreements or buy-sell agreements.

BUY SELL AGREEMENT: It is also known as buyout agreement. Whenever corporation has more than one shareholder, it is commonly recommended that the shareholders enter into a buy sell agreement It allows for the smooth transfer of shares or other business assets from a departing or a disabled or a critically ill shareholder to the remaining shareholders of the business. Its main purpose is to facilitate this transition without affecting financial well being of the departing shareholder and his/her family, or the financial health and viability of the corporation.

IKEY PERSON INSURANCE: key persons whose skills, knowledge, experience or leadership are responsible for the majority of profits and important to a business’ continued financial success . Should something happen to one of these persons it is likely that their loss will have a detrimental impact on the profitability of the business and will cause financial strain. Key persons includes : company directors, sales directors, IT specialists, etc. Key person insurance protects your business against the loss of such a key persons. Usually company is the sole owner and beneficiary of the key person insurance policy. Sometimes ownership is shared between company sand key person. The company can use the insurance proceeds for expenses until it can find a replacement person.

BUSINESS SUCCESSION PLANNING: Business succession planning is simply an advanced planning how you are going to transfer your business ownership and transition out of your business either when you decide to leave your business or due to any unforeseen events . Without a proper business succession plan the future of your business can be at stake. You can start succession planning years ahead of time that helps you to smoothly transition out of your business . Early planning also helps you to maximize the value of your business before transition and can help ensure that your business, your family and you are properly protected against unforeseen events, including death and disability . It also help you structure a retirement income that meets your financial goals and maximize your financial security . An effective business succession plan will help you accomplish the smooth transfer of our business.

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