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How life insurance can protect your business
By purchasing life insurance for the you (the owner) or your key employees, your business will receive a death benefit that can help it through complicated situations such as:
Creditors requesting immediate repayment
After the loss of a key employee, creditors may have concerns about the business and demand immediate repayment of loans. A death benefit on the insured key employee can help fund these repayments.
Taking the time to find the right replacement
Replacing a key employee is hard on many levels. The death benefit payment provides a cash infusion to help with recruiting a replacement and covering any revenue lost during this difficult period.
Setting your business up for the future
Before receiving a loan for your business, your bank may require a life insurance policy be set up for key employees before they release the funding.
