Sentences with phrase «purchase key person life insurance»

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.

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

Not exact matches

(Small businesses may wish to consider purchasing life insurance policies for key individuals, such as an owner or top employee, to help prevent financial distress if that person were to die.)

Because key person insurance is simply life insurance that insures the company against the loss of a key business partner or key employee, the decision to purchase key person insurance necessitates some choices about the type of insurance that is most beneficial.

Key Executive / Person Insurance Life insurance purchased by a business on a valuable employee (or owner - employee) to indemnify the business against the potential financial loss that would result in the event of that individualInsurance Life insurance purchased by a business on a valuable employee (or owner - employee) to indemnify the business against the potential financial loss that would result in the event of that individualinsurance purchased by a business on a valuable employee (or owner - employee) to indemnify the business against the potential financial loss that would result in the event of that individual's death.

Please note if you are purchasing life insurance on a key employee or individual, this is commonly referred to as «key man life insurance» or «key person life insurance».

While marketing for term life insurance to a younger generation would involve highlighting that buying early can save people money in the long run, the emotional impact of discussing final expense insurance coverage, its affordability, its relative ease in terms of comparison to a traditional life insurance policy and the fact that it gives a great deal of peace of mind for someone approaching retirement and beyond are some of the key ways that a final expense agent can assist with this purchase and encourage people to take that final step of obtaining a policy.

Imperial Valley News recently identified a few key points to help people decide whether life insurance is something they should purchase to protect their family's future, and if so, which type is the best fit for their needs.

Typically designed so that the surviving business partner would have the money to purchase the company interests, life insurance for businesses can also be structured as «key person insurance,» where if a key employee dies the business owner will receive a benefit to help offset the financial impact of losing the key employee.

Key man insurance, commonly referred to as key person insurance, is essentially life and / or disability insurance purchased by a business on the life of a key employee or business owner to offset financial losses that would arise from his or her death or extended illneKey man insurance, commonly referred to as key person insurance, is essentially life and / or disability insurance purchased by a business on the life of a key employee or business owner to offset financial losses that would arise from his or her death or extended illnekey person insurance, is essentially life and / or disability insurance purchased by a business on the life of a key employee or business owner to offset financial losses that would arise from his or her death or extended illnekey employee or business owner to offset financial losses that would arise from his or her death or extended illness.

For years, companies both large and small have purchased and owned both key man life and key man disability insurance policies on the lives of their strategic people so that business continuity can be maintained in the unforeseen circumstances of a death or disability.

For key person insurance policies, a company purchases a life insurance policy on its key employee (s), pays the premiums and is the beneficiary of the policy.

As you can guess from the name, these plans will allow you to purchase life insurance coverage (either for yourself or for a key person in your business), without having to take a medical exam.

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.

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.

A business owner purchasing life insurance on a key person is common.

To secure these much needed funds, lenders, as well as investors, will normally require the business to purchase key man life insurance on their key people.

Key Person insurance is life insurance purchased by the company on the life of an employee or employees whose loss would have adverse effects on the company.

For an employee of the business who is also an equity owner, the maximum amount of life insurance a business can purchase is 10 times the key person's income, plus the fair market value of their ownership interest in the business.

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.

(Small businesses may wish to consider purchasing life insurance policies for key individuals, such as an owner or top employee, to help prevent financial distress if that person were to die.)

Because key person insurance is simply life insurance that insures the company against the loss of a key business partner or key employee, the decision to purchase key person insurance necessitates some choices about the type of insurance that is most beneficial.

A key step in purchasing a life insurance policy is choosing your life insurance beneficiary — the person (or entity) who will receive the cash benefit from your policy after you die.

One of the key reasons that people purchase life insurance, however, is for paying funeral costs and other final expenses.

We can provide you with all of the key details that you require for making a well - informed life insurance purchase decision — and we can do so for you very quickly, easily, and conveniently — all from your computer, and without you having to meet in person with a life insurance agent.

Definition: Key Person Insurance is any type of life insurance that is purchased by the business organization on the life of the key person or persons, with the organization listed as the beneficiaKey Person Insurance is any type of life insurance that is purchased by the business organization on the life of the key person or persons, with the organization listed as the benefiPerson Insurance is any type of life insurance that is purchased by the business organization on the life of the key person or persons, with the organization listed as the benInsurance is any type of life insurance that is purchased by the business organization on the life of the key person or persons, with the organization listed as the beninsurance that is purchased by the business organization on the life of the key person or persons, with the organization listed as the beneficiakey person or persons, with the organization listed as the benefiperson or persons, with the organization listed as the beneficiary.

In the event that additional life insurance was purchased as key - person insurance, that money could be used by the business to offset any income loss resulting from the owner's death.

Once you've identified the key people on your team, you'll want to get an idea of how much coverage to purchase for each person before you speak with a life insurance agent.

The broker principal designates who in the organization is considered a key person and purchases a life insurance on that person, pays the periodic premiums, and is the beneficiary of the policy.

Definition: Key Person Insurance is life insurance purchased by the business organization on the life of the key person or persons, with the organization listed as the beneficiaKey Person Insurance is life insurance purchased by the business organization on the life of the key person or persons, with the organization listed as the benefiPerson Insurance is life insurance purchased by the business organization on the life of the key person or persons, with the organization listed as the benInsurance is life insurance purchased by the business organization on the life of the key person or persons, with the organization listed as the beninsurance purchased by the business organization on the life of the key person or persons, with the organization listed as the beneficiakey person or persons, with the organization listed as the benefiperson or persons, with the organization listed as the beneficiary.