Life insurance for business owners is our specialty. We understand the very complex ownership structures down to the more simple sole trader. Income protection and life insurance for small business owners requires the right adviser by your side to present the facts to the insurance companies ensuring you maximise your protection. Our business in itself has 3 trusts, 4 companies and a partnership so we’re well and truly across all the issues you face to make purchasing life insurance a hassle free and streamlined process.
You have put in a lot of effort and personal sacrifice to build and run a business. Delivering services, watching the costs, getting the right connections and the right people in place are keys to success. Your wealth is generated and often locked up in your business.
Issues that can affect Business Owners and Business Partnerships:
- Funding the purchasing of exiting partners equity due to death, illness or disability.
- Key staff member is lost due to death, illness or disability.
- Structuring the insurance to minimize the tax treatment of both premiums and benefits.
- Key Person Insurance – recognises the value and contribution of the ‘Key People’ in an organisation. In the event of the untimely death or disablement of the Key Person (eg. CEO, Business Partner or Head Research Scientist) the proceeds of the policy may be used to replace the Key Person. It protects a business against the financial hardship that it may incur when experience is lost and also covers the high cost of training and replacing human resources.
Partnership (Buy/Sell) Insurance – puts in place a formal agreement on how business equity is distributed when a partner or shareholder exits the business structure through death or disablement. The plan includes putting in place the necessary valuations, legal agreements and Life Insurance policies.
Business loan cover – Provides a lump sum payment to help pay off your outstanding loan balance in the event of your death, terminal illness, or in the event you suffer a medical trauma.
Business Expenses Insurance – will pay a monthly benefit to assist with the day to day running expenses of a business, like salaries, rent, mortgage, bills, if you are totally or partially disabled and unable to work.
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