If you own a business, it is important to know that Life Insurance is an efficient way to help you plan for the unexpected. Life insurance can protect your business from unexpected events while ensuring that your business continues to operate. Planning for the unexpected can help your business to attain stability, which of course is important for it’s success.
Key Person Insurance
This protection allows you to use insurance policies in order to prevent negative impacts that a death, or illness of a Key Person may have on your business. Key Persons are individuals who have invested a considerable amount of time and effort into the business, which ultimately makes them a valuable asset. With this solution, the stress of losing a key person can be significantly reduced.
Business Loan Protection
For a business, it is not always easy to acquire debt financing, and many times the death of a Key Person may result in creditors demanding repayments of debt. In the worst case, this could force the liquidation of business assets. In order to avoid this burden, the business can purchase an insurance policy on key executives as well as business owners. This allows you to use the proceeds from the life insurance policy to pay any business debts.
Buy-sell Funding protects business from unexpected loss of one or more partners or key employers.
Altamira Financial Solutions
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