As a business owner, it is essential to consider the impact you have on your family. Would your business continue to thrive and prosper if you were suddenly gone? Would the business need to be sold? How would company operations be affected? It’s vital for business owners to have a thorough life insurance plan in place to help protect all your important interests, and ensure your business’ continued success.

Key person life insurance provides a way for the business to receive compensation for the loss or disability of a key employee. A key person can be defined as one who significantly contributes to a company’s income, management, and external value. In the event of death, do you have the means necessary to offset the loss of income earned by a key man? When implemented, key man insurance provides additional capital for key person’s place of business and/or family.

Appropriate estate planning provides multiple benefits to protect your family. In the wake of death, estate planning provides immediate funds to pay funeral expenses, debts, and final taxes for the insured individual. Funds from proceeds can be used in order to pay estate taxes and negate the forced sale of an asset.

As a parent, we know one of your biggest concerns is making sure your children are cared for no matter what life brings. A solid life insurance plan can help your children maintain their quality of living in the event of your death. Life insurance also helps ensure your family will not fall into financial distress in the event of death or disability. A solid life insurance plan provides options for your family to continue payments on the family home and assets. It also allows for funds to be appropriated for education.