Sentences with phrase «key person life insurance covers»
Key person life insurance covers one (or more) of your key employees, with the primary goal of protecting the value and ongoing operations of your business.
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Many people say it and if you have ever listened to a sales pitch from a life insurance agent then no doubt covering the tax advantages of life insurance was one of their key talking points.
It's recommended that the life insurance cover 5 - 10 times the key person's income.
Business Credit Life Insurance can help meet the financial obligations of your business should a person who is key to the success of your business die or suffer a covered accident.
A Key Person Insurance policy is a type of life insurance policy that is used to cover a key person of a busineKey Person Insurance policy is a type of life insurance policy that is used to cover a key person of a busPerson Insurance policy is a type of life insurance policy that is used to cover a key person of a Insurance policy is a type of life insurance policy that is used to cover a key person of a insurance policy that is used to cover a key person of a businekey person of a busperson of a business.
You can purchase more coverage with term life, which is beneficially when covering a large mortgage on your home, protecting the primary wage earner of the household, key person life insurance, or covering a small business loan.
Key person life insurance provides a death benefit that can aid in covering financial losses if your key person employee were to dKey person life insurance provides a death benefit that can aid in covering financial losses if your key person employee were to dkey person employee were to die.
Key person life insurance offers a death benefit that can help cover financial losses that occur at the death of a key persKey person life insurance offers a death benefit that can help cover financial losses that occur at the death of a key perskey person.
The company buys the insurance to cover the life of the key person and is also the policy beneficiary.
Generally, when using a key man life insurance policy to secure a loan, a collateral assignment is utilized to ensure the bank or lending institution receives funds to cover the loan balance due in the event the key person or business owner dies.
Furthermore, key man insurance and other employer - owned life insurance is specifically covered under Section 1.264 - 1 (a) and states the premiums paid for life insurance on the life of any officer, employee, or person financially interested in a business carried on by the taxpayer are not deductible where the taxpayer is directly or indirectly a beneficiary of the policy.
You may want life insurance owned by your business to cover the life of a key person or to fund a business perpetuation plan.
And level term life insurance is also great for covering a mortgage, insuring a key person, or protecting a small business loan.
Similar to key person life insurance, key man disability insurance covers the business's expenses if the key person is not dead, but unable to work.
It is used by business people to cover outstanding loans, to fund buy - sell agreements in the event that a partner or shareholder dies in the initial years of a new business, or for key employee life insurance.
For business owners, term life can be used to cover their key person business insurance or SBA loans.
Keyman is a term insurance cover bought by the company on a key person's life.
Interesting case because literally what the key man life insurance is for is to cover this young guy as the central and only important key person in his company, the guy that has to catch sharks and other large salt and fresh water fish for a living.