Life Insurance for Businesses
There are many uses of life insurance for long-term strategic planning for businesses.
Economic Evaluation Group, Inc. will work with your Attorneys, CPAs, Accountant, and other qualified advisors to help fund their strategic suggestions.
In the event that your company does not already have talented advisors, Economic Evaluation Group, Inc. has surrounded ourselves with a network of highly qualified and highly skilled people who we can help recommend.
Life Insurance can be used to fund business continuation planning and buy/sell agreements. Life Insurance can also be used for key-person (also called key man insurance).
In the event of the passing of a Partner of a business, continuation planning can be used to provide the funding to continue the business or to transfer the ownership properly. Authorized Financial advisors, attorneys or CPAs may suggest the use of a Buy/Sell agreement funded by life insurance. A Buy/Sell agreement specifies how the business will change hands between owners. Often Life Insurance is used for the surviving partner(s) to buy out the ownership from the deceased Partner’s estate.
Key Person (Key Man Insurance)
Key Person Insurance (Key Man Insurance) is used to protect the company from the loss of an employee whose skill set is vitally important to the operations and health of the company. In the event of the loss of a key person, Life insurance can be used to either finance the company in order cover expenses or replace the lost vital employee.
Life Insurance – Are you sure you have the right balance of insurance to cover the well-being of the people who you care about? Do you want your estates inheritance taxes paid by insurance? Are you paying too much right now?
Contact us for a free evaluation on how we may be able to help you.