Business Owner Solutions
Protect What You’ve Built.
Explore Protection for What Comes Next.
Your business, your family, your income, and your long-term goals are closely connected. We help business owners understand insurance-based options that may help protect their business, their family, and what they’ve built.
Business Ownership Creates a Different Kind of Financial Picture
Every business is unique. Understanding your protection options starts with considering the risks, responsibilities, and needs specific to your business.
- What happens if a key person can no longer work?
- How would the business continue after the death of an owner?
- How would ownership transfer?
- Could the business support family members during a transition?
- How could an unexpected loss affect both the business and your family’s security?
- What protection options could support your business and family over time?
Explore Protection Options for the Business You Actually Own
Our Business Owner Solutions help you understand insurance-based options for protecting what you’ve built and preparing for the unexpected.
Business Continuity
Understanding insurance options that may help address disruptions affecting ownership or operations.
Key Person Protection
Helping address the financial impact of losing an important owner or employee.
Buy-Sell Funding Options
Understanding life insurance options that may help fund a buy-sell agreement.
Family Protection
Helping protect the household income and legacy connected to the business.
Business Owner Solutions
Key Person Life Insurance
Help protect your business from the financial impact of losing an owner, executive, or employee whose role is critical to the company’s success.
Key Person Life Insurance
Key Person Life Insurance is a policy a business may purchase on the life of an owner, executive, or employee whose loss could create a significant financial impact.
The business typically owns the policy, pays the premiums, and is named as the beneficiary.
If the insured key person dies, the policy proceeds may help the company manage the financial disruption and create time to respond.
Why Key Person Protection Matters
Some businesses depend heavily on one or two individuals for leadership, client relationships, revenue, technical expertise, or daily operations.
Losing one of those people unexpectedly can create immediate financial pressure.
Key Person Life Insurance may help provide funds the business can use while adjusting to that loss, recruiting a replacement, maintaining operations, or addressing other financial obligations.
Key Points
Who May Need Key Person Coverage?
Important Key Person Insurance Considerations
Protecting Your Business Helps Protect Your Family
Explore insurance-based options that may help protect the business and the family who depend on it.
BUSINESS VALUE
PERSONAL INCOME
RETIREMENT
FAMILY SECURITY
LEGACY
What Happens If the Unexpected Happens?
Questions Worth Answering Before You Need the Answers
A strong business may still be vulnerable to the loss of an owner or key employee. Understanding insurance funding options can help you consider how the business might respond.
- If an owner dies unexpectedly, could life insurance help fund the purchase of their ownership interest under an existing buy-sell agreement?
- Would the surviving owners have the funds to purchase that ownership interest?
- If a key employee is lost, could the company absorb the financial impact?
- Could the owner’s family receive value from the business without becoming involved in daily operations?
- What insurance funding considerations could arise during an ownership transition?
These conversations can help uncover gaps that may otherwise remain hidden.
Insurance Can Serve a Business Purpose
Life Insurance Is Not Only Personal Protection
Life insurance may help address certain business protection and funding needs. Depending on the situation, coverage may be used to help:
- Fund a buy-sell agreement
- Protect against the financial loss of a key person
- Support business continuity
- Provide liquidity during an ownership transition
- Protect an owner’s family
- Help address protection needs connected to an ownership transition or family legacy
Insurance options depend on the business’s protection needs and existing ownership agreements. Discuss legal questions with a qualified attorney and tax matters with a qualified tax professional.
