Sentences with phrase «key person life»

Key Person Life Insurance Example 4.

All it takes is a 15 - minute conversation, and we can start sending you competitive quotes for key person life insurance.

Applying for Key Person Life Insurance 6.

How Does Key Person Life Insurance Coverage Work?

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Letting them know there is two sides to the key person life insurance policy can be a great way of showing gratitude and, depending on how long the cash value policy is in force and how well it performs, can be a meaningful contribution to their retirement.

Key person life insurance is an arrangement by which a business buys a life insurance policy on the life of a key employee.

Key person life insurance policies are owned and paid for by the business, reducing the company's taxable income.

Key person life insurance (one of the four types of business life insurance) can help your company by providing a monetary payout to see you through the loss.

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The death benefit from a key person life insurance policy is commonly used by the business to locate, train, and hire a new executive.

Whether your business needs key person life insurance or life insurance to fund a Buy - Sell agreement, we can help.

There's no joy in thinking about losing a friend / business partner, but with key person life insurance, you can avoid the pain of a financial tragedy on top of the emotional distress.

Your business would own and control the key person life insurance policy.

When purchasing key person life insurance, the policy's beneficiary, owner, and payer should always be the business, just like a Buy - Sell Agreement.

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Businesses of all sizes — from tiny companies to large Fortune 500 corporations — routinely use key person life insurance.

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For businesses, you should consider key person disability insurance in addition to key person life insurance.

Are proceeds earned from the key person life insurance considered income and the business will be taxed?

This is a great option for key person life insurance, where the original key employee leaves the company.

To get up to speed on other types of business - related life insurance, read our previous articles on key person life insurance and life insurance for a buy - sell agreement.

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.

We understand that the purchase of key person life insurance can entail a number of different variables, and there are several different ways in which these plans can be set up.

Most key person life insurance is structured with the business being the owner and beneficiary of the life insurance policy.

Note: The company should consult with its tax advisor for deductibility of premiums paid on key person life insurance.

Each stage in the process of applying for key person life or disability insurance is described below.

The underwriting process begins when your key person life application and exam have been received by the insurance company.

Key man life insurance, also called key person life insurance, is protection designed to sustain a business or organization in the unfortunate event it loses one of its most valuable employees, executives or owners to a sudden and untimely death.

The costs to secure key person life insurance are negligible when compared to the economic loss caused by the demise of the company.

You can also obtain an instant key person life insurance quote here.

Buying key person life insurance means you have financial assets available when it's needed.

But does your company need this kind of key person life insurance policy?

In most cases, proceeds received from key person life or disability policies are received tax free.

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.

Life Insurance Blog can assist you in going through the proper channels and establishing your company with the most suitable key person life insurance policy at the best rate.

Another business continuation strategy is using a key person life insurance policy.

All to often a business will purchase key person life insurance on a valued employee, but will neglect to consider what might happen if that key employee were to suffer a disability.

Key person life insurance offers a death benefit that can help cover financial losses that occur at the death of a key person.

Key person life insurance provides a death benefit that can aid in covering financial losses if your key person employee were to die.

It is very common for a lender or bank to require key person life insurance on anyone that is vital to the life of your company.

Buying a key person life insurance policy can be very helpful by making sure the company survives the loss of a key employee.

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 is typically only required if your company wants to obtain a loan or investment.

Three key plans that are often used by business owners include buy / sell agreements, cross purchase plans, and the purchase of key person life insurance.