From a well-established entity with a number of shareholders and employees or a start-up company, there are a number of benefits that will relate to your business life insurance needs. These will be tailored to ensure your business does not suffer financially which will allow it to keep moving forward should the worst-case happen to a member of the team.
- Debt Protection – for businesses with key employees or shareholders who are employed in the business and whose death or long-term disability would prompt the need for debt in the business to be repaid.
- Key Person Cover – for businesses or employees in pivotal roles in the business where an injection of funds into the business to cover recruitment costs would be needed, or the event that would require a capital injection to mitigate loss of revenue from the loss of that key person.
- Shareholder Buy Out – For businesses with multiple shareholdings. Allows the business or shareholders to buy out the shares of a business partner upon death or long-term disability. Protects the impacted shareholder (or their estate) by extracting their value in the business and also enables the business to continue trading without taking on additional debt which may not be attainable.