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Life Insurance for Business Owners

Keep Your Business Growing — No Matter What Happens

You wouldn’t think twice about insuring your building or inventory, but at the end of the day it’s your people who are your most important assets. Have you considered what would happen to your business if you or one of your key employees were to die prematurely?

Insuring yourself and your key team members can help prevent the unexpected from financially harming — even destroying — the business you’ve worked so hard to build.

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How Can Business Life Insurance Help?

Whether you’re a startup or well-established business, life insurance is a versatile tool that can help you achieve your business goals and protect your hard work. Here’s what corporate-owned life insurance can do for you and your business.

  1. Insure Yourself and Your Key People

    If you or other key team members pass away, a business life insurance policy can provide funds to hire a qualified replacement and provide training.

  2. Cover Debts and Expenses

    The right policy can ensure funds are available to evenly divide your estate and cover capital gains taxes and other expenses when you pass away.

  3. Access to Cash

    Some policies can be drawn upon by your business if needed.

  4. Tax-Advantaged Asset Growth

    While your investment portfolio is contained within a corporate life insurance policy, it will grow at the best possible tax level. The end result: your investments will be maximized when you’re ready to retire.

  5. Fund a Buyout Agreement

    Your policy can provide you and your partner with funds to buy the remaining share of the business in the event of an unexpected death.

  6. Succession Planning

    Life insurance can fund your transition plan whether you want to sell your business, liquidate it, or pass it along to family when you retire.

A business life insurance policy means you could have more funds to spend while you’re alive, and your estate or shareholders could receive more when you die.

The Main Types of Life Insurance

Depending on the maturity of your business and your personal career stage, we can help you select the right type of insurance.

Term Life Insurance

If you only need life insurance for a fixed number of years or until you reach a certain age, choose term life insurance. Term policies don’t have a cash value and don’t contain investments, but can be suitable if the most important part is the death benefit.

Permanent Life Insurance

If you don’t want your policy to expire, or want your life insurance to include an investment component, choose permanent life insurance. There are several types of permanent life insurance, including Universal and Whole. Both types can be used to provide a greater legacy to your beneficiaries than the death benefit that comes with the policy.

The many options with each type of insurance can get quite complex, so be sure to talk to a Palladium Insurance expert about your goals.

Why Palladium Insurance?

Palladium’s experts know the insurance world and know all about the latest offerings and regulatory changes. We will not only guide you to the right type of solution for your situation, we’ll do the shopping around for you. We’re impartial and are here to represent your interests.