Life insurance for businesses
Ensuring your business lives on
If you have your own business, life insurance can be used to protect one of your most important assets – your key personnel. It can also protect your business against the loss of a business partner and cover any outstanding liabilities.
Key Person Protection
Losing a key employee, such as a top performing salesman, can mean lost profits, reduced sales, high replacement costs, and disrupted plans. And don’t forget that the most important 'key person' is you, the business owner, if you died unexpectedly where would that leave your employees and their families that rely on their salary? Having life insurance for your business can ensure that it remains in a strong position to move forward.
If a business partner or major shareholder dies, their family is likely to inherit their share of the business. As a surviving partner you may struggle to find the funds to buy out the family’s share. Life insurance can help you keep control of the business, while securing the financial future of the deceased’s family.