Life insurance for business owners
As a business owner, you may need to protect your legacy and the enterprise you've built. Having a strategy that includes life insurance can be an important step in implementing a succession plan and allowing for continuity, while preserving the value of your business.
Key person insurance
Protect your business in the event of the loss of an executive or other top contributor, providing cash to find their replacement, replace lost income or keep the business afloat
Buy/sell agreement
Access liquidity to buy out business shares in the event one of the business owners dies, and redistribute shares to remaining owners
Succession Planning: How to Transition your Business to the Next Generation
How can business owners ensure a smooth transition to the next generation?
LEARN MOREWe serve the lifecycle needs of businesses and their owners with a particular focus on transition planning. Our team helps you identify the transition option that best suits you, your family, business, employees and customers in an accretive and tax-efficient fashion.
Types of life insurance
Term life insurance
Provides temporary protection for a specific duration
Common terms:
- 1, 5, 10 year terms
Permanent life insurance
Provides permanent coverage for your entire life
Types of permanent life insurance
- Whole life insurance: Living and death benefits from your policy’s cash value
- Universal life insurance: Accumulates cash value you can access during your lifetime
- Linked benefit life insurance: Enhanced benefit options to pay for long-term care expenses without jeopardizing your legacy
