Who is this for?
Whether your company is brand new or has been around for generations, life insurance is a useful tool for helping you reach your financial goals. Life insurance offers you a way to help protect your business, employees and family members by providing necessary resources in the event of an unexpected death.
Additionally, if you’re looking for opportunities to reduce your annual taxes payable, manage risk by diversifying your corporate assets or grow your total net worth, permanent life insurance may be a good solution for you and your business.
How will this help me?
Life insurance can provide funds to pay debts and expenses and help keep your business going if you or a key member of the team passed away.
It can also be used to build your business’s assets and help you achieve your long-term financial objectives. That’s because company funds placed in a permanent life insurance policy can grow tax-advantaged; in comparison, corporate investments are generally taxed at a higher rate. In the end, that could mean your beneficiaries and shareholders receive more money after you pass away.
What else do I need to know?
Leaving a legacy
Permanent life insurance can be a valuable tool for business owners and professionals, as it can reduce annual taxes payable and help to build your net worth. This approach can assist you in maximizing the amount of money left to your beneficiaries, helping them divide your estate and deal with expenses, such as capital gains taxes.
Keeping business going
Funds secured through life insurance can be used to pay off debts, help keep the business running, train a replacement employee and reassure creditors and suppliers that your business has the means to continue.
An efficient exit strategy
Any business can be threatened by the absence of a thoughtful succession plan. Life insurance can help with this transition because it can be used to build tax-advantaged cash value to supplement your retirement income. It can also provide you or your business partner with the money needed to buy the other individual’s share of the business, should something happen to either one of you.
Rates, values and performance
Connect with an advisor
Working with a financial security advisor can provide you with the tools and expertise you need to plan for the future.