Corporate Life Insurance
Safeguarding Wealth and Family SecurityCorporate life insurance is a type of life insurance policy that businesses purchase to protect against the financial burden in the event of an unexpected death. Businesses can take out COLIs (Corporate-Owned Life Insurance) to recoup the cost of employee benefit programs, lost revenue and even hiring costs, gaining a significant tax benefit.
Another critical consideration is key person protection. Key persons are essential contributors to a business’s financial stability. In the event of their untimely passing, corporate life insurance can provide a tax-free lump sum payment to the business, which can be used to replace the lost income, cover ongoing expenses, and plan for the future.
Corporate life insurance can also be used to fund buy-sell agreements. Buy-sell agreements are contracts between business owners that outline what happens to a business if one of the owners dies. Corporate life insurance can provide the funds necessary to buy out the deceased owner’s share of the business, ensuring that the business can continue to operate smoothly.
Requirements
Corporate-Owned Life InsuranceBefore a Corporate-Owned Life Insurance policy can be written there must be a substantial economic interest in the employee's life by a company, as well as clear consent from the employee. Employees have the right to refuse this once they have reviewed the policy and have been disclosed that the company will be the beneficiary.
A Special Class of Coverage
HIGH LIMIT AVAILABILITY
Offers up to $100 million in personal umbrella and excess liability coverage.
WORLDWIDE COVERAGE
Multinational claim units in 54 countries for easy claims settlement and currency transfer.
HOUSEHOLD EMPLOYEES
Covers acts of your household staff during the course of their employment.
REPUTATION PROTECTION
Coverage to repair your reputation for a covered loss.
CHOICE OF ATTORNEY
Provides an allowance that pays for legal counsel from an attorney that you choose.How to get Started
