Protecting Profits with Key Person Life Insurance

Protecting Profits with Key Person Life Insurance

People are the lifeblood of any business. They’re the driving force behind production, service, profit and growth. And, unlike equipment or inventory, good people are hard to replace. When a key person dies, it can turn your business upside down.

But there is one thing you can do to be prepared: protect the business with key person life insurance.

As a business owner or leader, ask yourself these questions:

  • What would happen to your business if something happened to YOU?
  • How would revenue and profit be impacted if you lost a key person or business partner?
  • How would the loss impact the creditworthiness of your business?
  • Do you want your business to live on to sustain your family and future generations?

Don’t wait until it’s too late.
Every business that would be adversely impacted by the death of an owner, partner or key employee should consider owning at least one key person life insurance policy – maybe more.

Just as families should have life insurance policies for their breadwinners, businesses should consider having key person life insurance policies for their revenue influencers.

Here’s an example.

Sam owned a print shop with 15 employees. He personally managed the books and the company’s seven biggest accounts. Then, when Sam was just 45 years old, he suffered a fatal heart attack.

Fortunately, Sam had the foresight to make sure that his business owned a key person life insurance policy on him. The death benefit allowed Sam’s wife to hire a new president, bookkeeper and sales professional. Yes, it took three people to fill his shoes! And because she had the financial resources to stay afloat during the transition, no employees lost their jobs and the business was able to grow and thrive. Sam’s son will be able to take over the business when he graduates from college next spring.

Quiz: Is key person life insurance right for your business? 
If you answer yes to any of the following questions, then it’s time to discuss […]

– – – – – – –

Continue reading this Grange article.

 

 

Don’t forget, The Portier Agency offers homeowner/mobile home/ renter’s /automobile / motorcycle / life / commercial / crop insurance.
Call or come by to get your quote!

 

The Portier Agency, LLC
113 North Irwin Avenue
Ocilla, GA 31774
229-468-3444
portieragency@windstream.net