Key Person Insurance
Key person insurance is life insurance on a key person, usually the owner or a highly valuable employee on whom the continued successful operation of a business depends. The business entity is the beneficiary under the policy. If a key person dies, the company receives the insurance proceeds that can be used for expenses until a suitable replacement can be found "or the business is sold. Key person insurance usually consists of a term insurance policy. Determining the ideal amount of key person insurance is part of the due diligence process.
Business continuation or continuity insurance is a type of life and/or disability insurance that covers losses if a key executive, owner, or partner becomes disabled or dies. The insurance company provides funds that a business would require to minimize the disruption caused by the event and continue operations. Combined with a Shareholder's Agreement (Buy - Sell Agreement) business continuity insurance can help a business with multiple owners establish an orderly succession strategy.
Affordable Living Trusts
Avoid Probate Costs and Delays
Anyone who owns a home should transfer it into a living trust.
AffordableLivingTrusts.net
PacificBusinessAdvisors.net
Office: 818-991-5200
Direct: 818-991-9019