Individual Owner:

 

Life insurance can be an extremely powerful tool that businesses can use to protect against the loss of a valuable employee or executive. In many companies, especially small businesses, the death of one of the top producers or salesmen could result in detrimental financial loss or business profit decrease that may threaten that company's ability to continue operations. When used properly, life insurance can help ensure the business stays afloat while searching for, and training, someone to replace the key executive, because the policy's death benefit is made payable to the company. An individual business owner should carry enough coverage to both secure his family and business assets.

 

Group and Section 125:

 

Purchasing a group life insurance plan is a big decision for any business owner, but one that has benefits for employer and employees. For the employer, group life insurance allows for tax-deductible premiums, security for employees at reduced rates, and a desirable benefit for new employees. For employees, group life insurance offers security and lower rates than you would get on an individual basis.

 

Select a group life insurance plan. Group life insurance is most often term life, meaning the policy lasts for a certain period of years. A term life plan could last 10, 20, 30 or more years. Group whole life are also available, but are much more complicated. Universal life policies are based on cash value, while a whole life policy insures an employee for his whole life and build cash value. Term life insurance, whole life, health insurance, insurance agent, final expense, insurance broker, affordable, cheap, quality, policy, employer benefits, section 125