Business Solutions
Protect Your Business. Your People. Your Future.
You worked hard to build your business. Life insurance can do more than protect a family—it can also help a business prepare for the loss of a key person, retain valuable employees, fund an ownership transition, and protect the people who depend on the business.
Explore four ways life insurance may help protect what you've built.
Key Person Life Insurance
How it can help your business: A business can depend heavily on an owner, top salesperson, executive, or other key employee. Key person life insurance can provide the business with funds if an insured key person passes away, helping the company manage the financial impact and continue operating.
Quick Example: A company's top salesperson generates a large portion of its revenue. If that person unexpectedly passes away, the policy benefit could give the business financial resources while it recruits, trains, and transitions to a replacement.
Learn About Key Person Insurance
Executive Bonus Plans
How it can help your business: Your best employees can be difficult to replace. An executive bonus arrangement can allow the business to provide additional compensation that an executive can use toward an individually owned life insurance policy, helping create a valuable benefit for selected employees.
Quick Example: A company wants to retain a highly valuable manager. In addition to salary, the business provides an annual bonus intended to help fund the executive's life insurance policy—giving the employee an additional benefit while helping the company strengthen its retention strategy.
Buy-Sell Agreement Funding
How it can help your business: When a business has multiple owners, the death of one owner can create uncertainty about who will own their share. Life insurance can provide funds to help carry out a properly structured buy-sell agreement.
Quick Example: Two partners each own 50% of a company. One passes away. Instead of the surviving owner having to find a large amount of cash or potentially taking on debt, life insurance proceeds can help fund the purchase of the deceased owner's interest according to the agreement.
Business Owner Life Insurance
How it can help: Owning a business can create financial responsibilities that don't disappear when the owner dies. Personal life insurance can help protect the owner's family and provide funds for expenses, debts, income replacement, or other financial needs.
Quick Example: A business owner provides most of the household income and has much of the family's wealth tied to the business. If the owner passes away, life insurance can provide the family with immediate funds instead of forcing them to depend entirely on what happens to the business.
Explore Life Insurance for Business Owners
Which Solution Does Your Business Need?
You don't have to figure it out alone. We can help you identify what you're trying to protect and explore life insurance options that fit your business.