Written by Clifford Pendell, Managing Partner and Co-founder When you think about life insurance, your mind probably goes directly to protecting your family members, so they have the financial means to carry on after you die. Many business owners don’t realize they should also carry life insurance for their business—in addition to their personal life insurance. Even if you are aware of the need, you likely have a busy schedule that keeps you from seeing it through, or you’re reluctant to take on the additional expense. But understand that while life insurance might be an expense on paper, it provides several benefits that far outweigh the cost of premiums, such as: If a partner or key...
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Life insurance for key people in your business Updated 01 December 2022 How would your business cope if you or a crucial staff member were out of action? The serious illness or death of a key player can severely disrupt your activities. A smart director plans for the worst to ensure that the loss of one person – whether temporarily or permanently – doesn’t result in the loss of the business. There are various forms of business life insurance that can help you prevent a crisis . Why does a business need life insurance? Business life insurance can protect a business against a loss of profits resulting from a key person dying or becoming incapacitated. For instance, it may...
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When you decided to go into business for yourself, your first thoughts were most likely excited ideas of what could go right: more freedom, happy customers, increased earning potential. However, your later thoughts may have turned to what could go wrong as well. That’s where insurance steps in to help. As a small business owner, entrepreneur, influencer or freelancer, you are your business, and your business depends entirely on you. Fortunately, insurance is there for you when things take an unexpected turn. You’ve probably thought about general liability insurance or other business insurance, but what about life and disability insurance? Specifically, life insurance provides peace of...
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Life insurance for business owners What are the different types of life insurance for business owners? There are two main types of insurance: term insurance (10,20, 30 years, etc), and permanent insurance (for your entire life). Term insurance Term life insurance is life insurance that lasts for a specific period of time known as a Term. The term can be a fixed number of years or until you reach a certain age (e.g. age 65). You pay premiums to the life insurance company until the expiry of the term. In return, your beneficiaries are entitled to receive a tax-free death benefit if you die within the term of the policy. Once the term ends, your coverage also expires, and you can stop...
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TORONTO, Aug. 4, 2022 /CNW/ -- Nuula, a fintech company focused on providing small businesses the tools and the capital they need to succeed, today announced a new Term Life Insurance feature from an A-rated (Excellent) carrier, powered by Walnut. The term life insurance provides Canadian small business owners and entrepreneurs with coverage up to $1MM starting at just $10 /month. Nuula announced its launch in Canada in June, where it set out to revolutionize how Canadian small business owners monitor their business performance and access a range of financial products, including Wealth Management services from OneVest and a Corporate Credit Card from Caary Capital. Today's news expands...
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Life Insurance For Business Owners: Types, Tips & More No one knows when their time will come, but if you run a company, having life insurance for business owners is a must. Here’s why. Why Business Owners Need Life Insurance Life insurance for business owners is about financially protecting your company just as much as it’s about protecting your loved ones. Here are some ways you can use life insurance as a business owner. To keep your business running Business owner life insurance is also a great way to keep your company afloat in good times and bad. It could be used to pay off your business debts, supplement cash flow and cover expenses needed to find your replacement if you died....
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Life insurance companies record 37% rise in new business premium in March Market leader LIC logged in a 51 percent surge in first-year premiums in March, while it jumped nearly 8 percent to Rs 1.98 trillion for 2021-22 Life insurance providers have clocked a 37 percent rise in new business premiums (NBP) to Rs 59,608.92 crore in March 2022, with the market leader LIC logging in a 51 percent surge in first-year premiums. In FY22, the life insurance industry's combined new business premium growth rate was 13 percent year over year, according to data released by the Insurance Regulatory and Development Authority of India (IRDAI). Life Insurance Corporation (LIC), which is on course to go...
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Types of business insurance. Key executive life insurance Your key people are your greatest assets. Life insurance for your small business can reimburse the company for loss of services if a key person dies. If you don’t have key person coverage on your most valuable people (and that includes you), you ought to at least explore its advantages. If you already have this valuable insurance, it may be time to review it. Are all key players covered, including the owner(s)? Are the amounts in proportion to the value of each key person? Should names be changed on policies where a key person has left the company? What’s the cash value on each policy? Disability insurance If you, a partner, or a...
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Common questions about group health insurance Group health insurance is an employee benefit provided by an employer that offers medical coverage to employees and sometimes their spouses, partners and/or legal dependents. What's the difference between group health insurance and individual coverage? If you have a business that employs two or more people, you're eligible to purchase group health insurance for your business. By pooling employees together, premiums for group health insurance plans can be less expensive than buying individual plans for your employees. In addition, employer-paid premiums are generally tax-deductible. Your employees' contributions to their premiums can be paid with...
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Additionally, life insurance can provide financial assistance to its business partners and employees. Continue reading to find out why business owners need life insurance. Why do business owners need life insurance? When you run your own business, the number of people who depend on you financially is greater. Not only do you have to think about your family and the people close to you, but your business partner(s) and employees as well. Life insurance can help you secure your family’s and your business’s future in the event of your death. It will help your family live comfortably after you are gone, and ensure your business continues to thrive in your leave/vacation. Is personal life...
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