The Legacy Insurance Group was founded on the cornerstone of protecting your legacy and insuring for your future. Life insurance can help to protect your business’ financial future and to attract and retain employees.
There are a variety of life insurance solutions available to businesses including:
Buy-Sell Protection
If you have a partner or plan to pass your business down to your children, you have a need for buy-sell protection. In the event of death or disability, you can buy out your partner’s interest (or they yours) without having to take out a loan or liquidate company assets. We work with experts that can help you create a buy-sell agreement (or review an existing one), can perform a valuation of the business, and can help you determine the best options to fund your buy-sell agreement.
Group Long Term Care (LTC) Insurance
Did you know over 40% of the people receiving long-term care benefits are UNDER the age of 65? This is one of the reasons why long-term care has become a frequently requested benefit by employees. Employer-based long-term care insurance can be an integral part of a comprehensive benefits package.
Group Long Term Disability Insurance
According to the Council for Disability Awareness, one in every four of today’s 20-year-olds can expect to be out of work for at least a year due to a disabling condition before they reach retirement age.
Long-term disability insurance is designed to cover the employee’s expenses while their regular income is interrupted as the result of an accident or illness. The accident or illness does not need to take place while at work for the coverage to begin, and with flexible plan options, this valuable protection can come with both low-cost and tax-deductible premiums for the employer.
Group Term Insurance
Group life insurance is another integral part of most employee benefit packages. Employers have a wide array of plan design options available and can be customized to include coverages such as voluntary life insurance, supplemental life insurance, accidental death and dismemberment, and dependent life insurance. Generally, all the premium paid for group life insurance is a business deduction, and this stand-alone policy is usually less expensive than what employees are able to purchase the coverage for themselves with little to no underwriting.
Group Short Term Disability Insurance
According to the Council for Disability Awareness, 5.6% of working Americans will experience a short-term disability (six months or less) due to illness, injury, or pregnancy each year.
Short-term disability insurance is designed to replace a portion of the wages lost to employees when a short term disability occurs. There are many affordable and flexible plan options that can benefit both the employer and the employee.
Key Person Insurance
Key person insurance is a type of life insurance policy that provides a death benefit to the business if its owner or another significant employee passes away. When does key person insurance make sense?
- Is the reputation and/or financial viability of the business critically linked to the key person’s name, reputation, or unique skills?
- Could the death of the key person end the business?
- Could the death of the key person (such as a top salesperson) quickly threaten the company financially?
- Is a collateral assignment needed for a business loan?
- Is the business a partnership and each partner wants to be able to buy out the other’s shares in the case of an untimely death?
If you answered “YES” to any of these questions, it may make sense for you to explore key person insurance.