Life Insurance for Every Stage In Life

What Life Insurance is appropriate for a Small Business Owner?

Life insurance can protect your business in the event of your death, by providing a tax free source of funds to hire someone to stay on task with your business, until all things are settled. If you have coverage with Living Benefits or Disability coverage, in the event of a disability that prevents you from working, you will be able to access the disability benefits.

• Owner, Partner, or Key Executive Coverage for Business 
  Owner, partner, or key executive insurance is needed in the event of a sudden death, as it would have a large negative effect on the company's operations. The payout essentially buys the company time to find a new person or to implement other strategies to save the business.

• Future Funding for Emergency
  The cash value in a permanent life insurance plan can serve as an emergency fund.

• Simple IRAs
  

  With Annuities, SIMPLE (Savings Incentive Matching Plans for Employees) can be set up for small business owners (101 employees or less) and are a win-win for the employer and the employees.  The employer can offer a matching plan that typically will help to retain quality employees.  The employee agrees to make a monthly contribution (in the form of a salary reduction) to a SIMPLE IRA that is set up in their name and owned by them, and routed through a fixed annuity.  The employer then will match it dollar for dollar, up to 3% of the employee’s salary.  For the employee it lessens the monthly taxes withheld, and it lessens the payroll taxes for the employer.  If an employee chooses to not contribute, the employer has no obligation to contribute.  The SIMPLE IRAs are portable, and if the employee quits or is terminated, the contract goes with him or her.

Benefits are only generally described here. Products may vary by state. Some products are not available in every state. Please read the policy for exact details on benefits and exclusions. If there is a discrepancy between the product as it is generally described here and the policy or rider issued to you, the provisions of the policy or rider will prevail.