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Key Man Insurance for Business Owners
With many small businesses the key man or key employee in the business
is the business owner. In these cases, key man life insurance can be
purchased on the life of the business owner to protect the company in
the event that he/she unexpectedly passes away. With key man insurance,
the business owns the insurance policy and pays the premiums and is
also the beneficiary. If the business owner dies, the business receives
the policy proceeds and can use the funds to hire a capable replacement,
pay off debts or simply use the funds to buy time until the businesses
assets can be liquidated and the business can be closed. In any event,
key man life insurance on the business owner can provide much needed
stability if there is a sudden and unforeseen death.
Key
Man Insurance for Business Owners
Life
Insurance as Loan Collateral
Buy-Sell
Agreement Funding and Life Insurance
Asset
Accumulation for the Small Business Owner
Estate
Planning for Business Owners
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