Protect your business.

Key Person Insurance is vital for continuing operations when a key team member dies.

How it works.

You take out an insurance policy on a qualifying team member. In the event that the insured person passes away, you collect the policy proceeds to either fund the cost to hire a replacement or cover the loss to the company.

Owner Insurance not only protects your family and business if something were to happen to you, but also provides a source of available capital for your business.

How it works.

You purchase, own, and pay the premiums on a life insurance policy. When purchasing the policy, make sure to value the contributions to your business to ensure you have sufficient coverage. You can borrow against the policy. At death, the proceeds are paid to your beneficiaries free of federal income tax.*

 

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Further Reading

Cash value in a life insurance policy is accessed through policy loans and withdrawals. Loans accrue interest at the current rate. Loans and withdrawals will reduce a policy’s cash value and death benefit by the amount outstanding.