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Small Business 2016-11-01T12:29:18+00:00

Create a plan with a Business Life Insurance Policy from Local Life Agents.

Have you thought about business life insurance?  You’re working hard to get your business to the top.  Business owners put in countless hours, nights, and weekends.  You’re there to make things happen. And make sure they stay on track, and grow.  What if suddenly you couldn’t be there?  What if you can’t be there?

Without you around, how would your business pay the bills, make payroll and protect against a down turn?  What is going to happen to your business if you were, suddenly and unexpectedly, to die or become disabled?  Or what about when you finally decide to retire or reap the harvest of all your work and sacrifice?  What is your business going to do without your guidance and experience?  Do you have a life insurance plan in place?

Business Life Planning – Be there when that time comes, by planning now.  Life Insurance will make sure your family is taken care of, and that they get properly compensated for the business you’ve built.  It can also ensure the reputation you’ve developed over the years remains, and continues to maintain the business’s future reputation, long after you’re gone.

Together we can outline a plan to make your business your ongoing legacy.  Have the right succession plan in place.  We specialize in key man insurance; buy sell agreements, corporate life insurance and business continuation insurance.

Small Business Life Insurance
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Types of Coverage

Buy Sell Agreement

Anytime you have more than one owner of a company, it’s imperative to have a Buy Sell Agreement in place. A Buy Sell Agreement will make sure your family gets properly compensated. The best way to fund your Buy Sell Agreement is with life and disability insurance.

Have one already? Get it Reviewed. We review current Buy Sell Agreements as a service. We review agreements because we find they can often have ‘low-ball’ figures that won’t cover you when you need it most, are using outdated formulas, or are plainly out of date.

Key Man

Key Employees, Your Right Hand, the people that make your business a ‘business’ – Those you rely on day-to-day to make the business run when you’re out of the office.  Ensure this status with Key Man Life Insurance. It’s also a great way to retain these precious people, by giving your ‘best and brightest’ an incentive to stay with you and your company.

Incentivize your best employees. And safeguard your reliable business staff into the future.  Our insurance professionals help you decipher the appropriate amount of Life Insurance you may need for your Key Employees. We work on strategic ways to get you the best price for a key man policy and the proper coverage.

Business Continuation

When a small business owner dies, Business Continuation Life Insurance makes sure your heirs have the money to pay estate taxes and any business liabilities left behind. Heirs often find themselves trapped in an unsellable business due to market conditions or lack of buyers.

Cash is what your heirs will need. Life Insurance will give them that. Plus, with Life Insurance, it alleviates the need to sell the the business for less than what it’s worth because of time-crunch. It will give the time to find just the right buyer by giving cash for immediate expenses.

Corporate Life Insurance (COLI/BOLI)

What are cost effective ways for banks and corporations to help drive down the rising cost of employee benefits? Bank Owned Life Insurance (BOLI) and Corporate Owned Life Insurance (COLI). Corporate Life Insurance benefits the employer and the employee. It’s an advantage for both parties.

Bank and Corporate Owned Life Insurance (BOLI/COLI) are structured so the corporation pays the premiums, owns the cash value, and is also a beneficiary of the policy. Your employees get benefit coverage, you get a reduction in cost. We can help your businesses purchase Life Insurance on a Key Employee or group of Key Employees.

Executive Benefits

Bonus Plans

Reward your chosen employees with an Executive Bonus Plan. We can design your executive bonus plans to fit your businesses needs. We make it available, and easy. How? Our affiliate life insurance companies offer preferred group underwriting rates, easy implementation and sold administration support.

Split Dollar Arrangements

Split dollar arrangements offer your employees access to life insurance at a lower cost to them. The premiums are split between the business and the employee. This creates a loyalty incentive for your employees, and as a business owner, we all know how valuable that can be!  

Which One Is Right For You?

We’ll Help You Decide

Creating a Business Life Insurance Policy

Attorney

An attorney is involved with structuring the legally binding contracts of a Buy Sell Agreement. Your attorney structures the contracts so that in the event of a death, disability, or other events, where one owner can no longer continue in the business, that the remaining partners. families and shareholders get their deserved share. While these agreements can be funded in several different ways, Business Life Insurance is the best way to fund the agreements.

Accountant

With an accountant’s valuation, your attorney can properly put together the values and purchase prices in the contracts. They will know exactly what the business life insurance tax rules are for your state. Accountants can also help by analyzing the financial of the business and deciphering a valuation. They can determine book value, cash flows, capitalization method, etc. They’ll also determine whether or not your business life insurance premiums are tax deductible.

Local Life Agents

We have Fact Finder for business owners. Our advanced solutions team will look at your business, for free! With three years of business tax returns or financials, we find strategies and plans to make sure you have all the needed Life Insurance in place for your business. To offer these free business valuations, we’re partnered with one of the largest life insurance companies in the country. Once you complete our free fact finder we can guide your business in the direction it needs.

S Corporations and C Corporations

Because of the special S-Corporation requirements and tax rules, a Buy Sell Agreement is more important than ever.
S-Corporation Owners have to be careful about the transfer of stock to an ineligible entity. This could result in a termination of the S-Corporation status.  S-Corp termination will cause major tax issues, and could result in shareholders to be taxed as C-Corporation status. (Your accountant can give you more details.) Our team of experts can help, and make sure you have the correct plan in place so this does not happen.
C corporations do not dissolve at the death of an
owner. That leaves a lot of decisions to be made.
With C-Corporation Business Life Insurance planning there is a lot to worry about – such as the alternative minimum tax, accumulated tax earnings, and the basis. C-corporations’ Business Life Insurance planning has a lot of moving parts, and there is a need for expert guidance, with Buy Sell contracts in place.  Funding your agreements with business life insurance is one of the things that we do best. We’ll work with your team, (or you can work with ours) to come up with the right solutions.

The Right Business Policy for You

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Key Man

Work with us – Here’s Why You Should

FREE Business Valuation (Truly a $10,000 Value!)

Just an added bonus of what we can offer your small business. It’s crucial to know the value of your business. Especially when putting any kind of business succession plan in place.  A business valuation can cost you, as a small business owner, up to $10,000! We value our clients and want to have long ongoing relationships. We will give you a business valuation – for FREE! There is no catch. We are able to offer you this by utilizing the partnership we have with one of our life insurance carriers.  Building trusting long-term relationships right from the beginning.

Our informal valuation will give you an idea of what the business is worth, based on solid fact such as financial, geography, etc. It can help you plan for the future of the business, by knowing the facts needed for your attorney and accountant. It can also make sure your family is fairly compensated for your share of the business by pointing out the coverage and agreement that should be in place.

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