As we approach the beginning of a new year, now is the best time to review your business life insurance.
Happy New Year and we hope that this next year will be your greatest ever!
At the end of every year, it is a common practice for each of us to make resolutions for the upcoming year. These “promises to ourselves” may be to change some negative habit or to begin different routines in our lives that will change our lives and the lives of others for the better.
A big part of the process of establishing resolutions is to look back to review “where you have been” in the last year, “where you are now” as the New Year is approaching and “where you want to be moving forward.” Only after true reflection can you determine what is important to change in your life.
Well, reflection and review are also crucial in making sure your business is on the path you intended and stays on the right path. Only under these circumstances can your business reach its full potential and help the most people.
Part of this process each year should be a comprehensive review of all insurances but for the purposes of this article, the focus will be on business life insurance. This would include key man insurance, buy-sell life insurance for business owners and any executive compensation agreements for the rainmaker’s of the company.
There are many things to consider when you review your business life insurance policies.
“Do you have everyone that is essential to the company in terms of revenue generation adequately covered with key man insurance?”
“If there was a disability to your top executive, would the company have the resources to continue?”
Do you have your key people adequately protected in terms of the amount of coverage as well as the term of coverage?”
“What if a business owner unexpectedly passes away? Would there be resources to buy-out her family?”
“Are you overpaying for your key man insurance policies? Or When is the last time you obtained a comparison key man insurance quote?”
So, as you embark on another year, now is a great time to review your business life insurance including your key man and business owner policies. If you have a good agent that is taking care of your business insurance, call her today an get an update on your policies both from a coverage and cost perspective.
However, if you do not have a professional agent looking after your business insurance and especially your key man insurance, we invite you to call MEG Financial toll free at (877) 583-3955. Without obligation, one of our professional agents can provide you with the objective information you need to make sure that your business RESOLUTIONS for the NEW YEAR will not be derailed because of failure to plan or inadequate planning.