COMMERCIAL LIFE POLICIES
A Buy-Out Policy is for business partners to where if one is injured or deceased it allows the rest of the partners to buy out the injured or deceased partners share so they do not have to work with the widow or children. It is important to have this policy in place in partnerships to protect the business and the partners from many legal and financial entanglements.
The next is the Key Person Life Policy. This covers key people in the company and pays the company if the key employee is injured or killed for the losses to the company by the loss of the employee.
The next is benefits package. In this the company may purchase on all employees or let the employees choose to purchase a term or permanent life policy. If the employees have the premiums deducted from their check then the rule is at least 70 % must enroll, if the employer pays the premium then 100% are required to enroll. The permanent life policies that can be offered through a benefits package are Whole Life, Universal Life, Indexed Universal Life, and Guaranteed Universal Life. These policies can at times be taken with the employee when he or she leaves the company or can terminate if they leave the company.
The final type of Life Insurance policy which some may not realize that can be offered with a company is the retirement package. This can be a 401k, Simple, IRA, or a deferred annuity. We at Ken’s insurance have knowledge on each of these and can help you with understanding the pluses and minuses of each one and how to structure them and why to offer one and not the other.