Sentences with phrase «purchasing key man life»

Whatever you decide, make sure that you are purchasing key man life insurance policy coverage that will cover all of the needs of your business, or as much as possible.

Aside from lenders» requirements, companies typically purchase key man life insurance as a form of financial protection.

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.

Not exact matches

Although MDY's owners each have nearly $ 1 million worth of life insurance for their family's protection, financial adviser Adams urged them to purchase an equivalent level of key - man coverage for the company.

After we caught up on the new and old men in our lives, Cara, the only suck - up to bring an article this week, began a discussion on the fragrances that remind men of pumpkin pie — based on her article from Cosmopolitan (inherited, NOT purchased), which contested that a combination of pie and lavender is in fact the key to pheromone attraction.

Also known as corporate - owned life insurance (COLI), key man life insurance is purchased by a business to insure the life of one of the company's employees.

You might be seeking to protect your family as the primary bread winner or trying to fund a buy sell agreement, purchase key man business insurance, or fund an irrevocable life insurance trust.

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».

In these cases, a custom designed high - limit key man life policy from Lloyd's of London can be purchased to cover the balance of the risk.

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.

The Pension Protection Act of 2006, which includes the COLI Best Practices Act, includes provisions that have significant consequences for key man and other employer owned life insurance purchased after August 17, 2006.

On August 17, 2006, President George Bush signed tax legislation containing provisions that significantly impact key man and other employer owned life insurance purchased after August 17, 2006.

Key man life insurance policies are purchased by companies to provide financial security to the business.

The Pension Protection Act of 2006, which includes the COLI Best Practices Act, provides provisions which can have widespread implications for key man and / or other types of employer owned life insurance purchased after August 17, 2006.

If there are multiple company owners and shareholders, key man insurance can be purchased on the lives of each owner for the intent of buying out the deceased owner's spouse or estate.

Businesses also purchase life insurance on key employees, called «key man insurance» which protects the business financially if they lose someone critical to the functioning of the company.

The purchase of key man life insurance should be a consideration for any business looking to protect itself.

Partnerships may elect to purchase a special type of key man policy called survivorship life insurance.