Life Insurance for Business Owners
Protect the company, the partners and the family.
When an owner or key employee dies, a business can face lost revenue, debt that comes due and questions about who owns what. Life insurance can provide cash at that moment.
New York licensed agent and broker
- Key person coverage
- The business owns a policy on an individual whose loss would hurt revenue or credit.
- Buy-sell funding
- Owners agree that the survivors or the company will buy a deceased owner's share, and insurance provides the money. Your attorney drafts the agreement.
- Business loan protection
- Coverage sized to a loan, lease or personal guarantee.
- Succession and family
- Cash for heirs so that the business does not have to be sold to equalize an estate.
- Who owns and who benefits
- Ownership and beneficiary structure affect how the proceeds are treated. Coordinate with your attorney and accountant. We do not give legal or tax advice.
- Valuation
- A buy-sell needs a way to value the business, now and later.
- Review
- Policies should be revisited as the business grows or partners change.
Who should own a key person policy?
Usually the business, which pays the premium and is the beneficiary. Your advisers should confirm the structure.
Can one policy cover several partners?
Policies are generally issued on individual lives. Structures differ, so we review them with your attorney.
We work in your best interest. At or before the time of application we will tell you whether we are acting as your broker or as the insurer's agent, and whether we receive compensation from the insurer. You can ask for details of our compensation at any time (New York Regulation 194).
Talk to us
Call 646 821 3520 or send a note. We will reply from our Madison Avenue office.