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You've worked hard to build your business. Now protect it.

Safeguard the business's future

Protect key employees

Secure with Life Insurance

Life Insurance Solutions for Business Owners

As the driving force behind their businesses, the sudden loss of a business owner can have profound consequences on the company's operations, financial stability, and long-term success. 

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5 Uses of Life Insurance for a Business Owner

  • How do Living Benefits Work?
    Once a qualifying health event has occurred on an active policy, a Living Benefits policy will allow the insured party to accelerate the death benefit, essentially allowing early access to the policy’s death benefit at a discounted rate. That discount will vary depending on the severity of the illness or injury. The more impact the health condition had on the insured’s life expectancy going forward, the more money they will be offered per given amount of death benefit.
  • What is an example of a Living Benefits pay out?
    For example, a client with a $500,000 Term policy who suffers a major, life-threatening cancer diagnosis may be offered $400,000 in exchange for accelerating their full $500,000 policy. On the other hand, a client who suffers a minor heart attack and whose prognosis is very positive may only be offered $100,000 in exchange for the full $500,000 acceleration. In all cases, it is the client’s decision of whether to accept the offer and take the money or leave the full death benefit in place. In many cases, it’s even possible for the client to accept a partial offer and get some money in their hands while leaving a portion of death benefit in place for the future.
  • What is covered by Living Benefits?
    ABRs and triggers can vary widely between insurance carriers and products, so it’s important to be educated on what riders are included any Living Benefits policy you may be considering and know what conditions would qualify for a Living Benefits claim. The top Living Benefits products out there will offer all of the following ABRs and associated triggers at no extra premium cost: ‍Terminal Illness: 1-2 years expected to live ‍Chronic Illness: Unable to perform 2 of 6 activities of daily living OR severe cognitive impairment ‍Critical Illness: Cancer, heart attack, stroke, major organ transplant, kidney failure ‍Critical Injury: Paralysis, coma, major burns, severe brain injury
  • Why own Living Benefits?
    In this day and age, it always makes sense to have Living Benefits included as part of your life insurance policy. Compared to traditional life insurance, which only pays out the death benefit if you die, Living Benefits provide you with more options and more access to your policy’s benefits in more scenarios. Any Living Benefits claim offer can always be declined if you wish, but having options is always better than not having options, especially after a major unexpected health event.
  • How do I get Living Benefits?
    Living Benefits are kind of our thing. Reach out to us – we can connect you with our network of licensed Living Benefits experts who can audit any current coverage you have and make sure your family has the most modern and up-to-date coverage available.

Protection with Living Benefits

Ultimately, life insurance for a business owner serves as a crucial risk management tool. It safeguards the business, supports continuity, protects key individuals, and provides financial security for both the business and the owner's loved ones. Choosing the appropriate type and amount of life insurance coverage should be done in consultation with insurance professionals and financial advisors who can assess the specific needs and circumstances of the business and the owner.

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