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Business Life Insurance

Ensuring you are protected, in case life hands you the unexpected.

Coverage Highlights

At Corporate Financial, we understand that as a business owner you’re faced with many challenges - large and small. For example, what would happen if your business partner passed away or was disabled? We can provide you with the tools to deal with either situation effectively. We also offer both corporate and personal life insurance programs, as well as disability and long-term care insurance.

Life Insurance for Business Owners 

As a business owner, you have many people depending on you. Business life insurance can protect your family, business, business partner, and employees to ensure that your business stays afloat in the event of your death or another key employee. 


Life insurance can provide your business partner with funds to buy out the business, provide severance to employees in the event the business closes, pay off business loans, cover the cost to replace the key employee, and allow your family access necessary funds if you pass away. 


Life Insurance for business owners can provide cash flow after a business partner's death. Here are a few ways you can protect your business with Life Insurance:


Buy-Sell Agreements


A buy-sell agreement is a contract between you and your business partner, which you can use individual life insurance to fund. If one of the partners dies, a buy-sell agreement allows the surviving partner to buy out the deceased business owner's share of the business. It provides a clear plan for distributing the shares after a partner has departed.


Key Person Life Insurance


Key person insurance is a type of individual life insurance where the business owns the policy, pays the premiums, and is the beneficiary. Key person life insurance provides your business with funds if a key employee, such as the business owner, happens to perish. The money from the benefit can replace lost revenue as they search for a replacement. 


Individual Life Insurance for Small Business Owners


Another option is to purchase individual life insurance. You and your business partner can take out a life insurance policy on each other in case either of you dies. If your or your business partner dies, the policy's benefits will be paid to the surviving business owner. This type of life insurance for small business owners lets the surviving business partner continue running the business without financial hardships, protecting them from worries about losing the business entirely.

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