Business Succession PlanningContact & Navigate
Executives and other valuable personnel are a fundamental part of the successful day-to-day operation of your business. The death of a key person could disrupt revenue flow and lead to internal turmoil and customer erosion.
Key Person Life Insurance will help offset reduced sales and profits, and mitigate potential damage to your business. You’ll have the security of knowing your business is protected from financial hardship.
And, if a covered employee stays with your firm until retirement, the policy may be used as retirement income. In this case, the company must be the:
- Premium payer
We provide coverage to fund a buy-sell agreement in the event of the death of a business owner. A buy-sell agreement binds the surviving owners to purchase the business interest of a deceased owner at a pre-arranged price. It also obligates the estate of the deceased owner to sell its interest to surviving owners.
A buy/sell agreement can:
- Create a fair market value exchange for your business
- Guarantee a buyer for assets your heirs may not know how to manage
- Promote the equitable and orderly transfer of wealth, ownership and management
- Provide your heirs with cash to pay estate debts, expenses and taxes
- Offer tax advantages