We often think of life insurance as a financial tool only individuals need to have, especially to safeguard their family from unforeseen circumstances. But life insurance for businesses also has numerous benefits. It protects business owners from financial risks associated with death or disability, provides funds to cover the loss of key personnel or employees, and can even be used as an incentive for recruiting and retaining high-quality staff. It also allows businesses to access credit lines or loans, as the policy acts as security. Depending on the type of life insurance policy chosen, there may be tax advantages as well.
The financial planning professionals at Leonard Financial Solutions understand how to help business owners establish the right safety nets for themselves and their workforce.
Types of Life Insurance for Businesses in New Jersey
Working with an experienced insurance agent is an invaluable resource when you need to find the right business life insurance plan for your needs. Here are two primary options to consider.
Group Life Insurance
This is an affordable and effective way for businesses of all sizes to provide financial security for their employees. It can help protect businesses in the event that an employee passes away, and can also act as a powerful recruiting tool as it helps demonstrate to employees that the company values them. Additionally, group life insurance is often more cost-effective than individual policies, making it an accessible option even for small business owners on a budget.
Key Person Insurance
This is an important tool for businesses of all sizes. Key person insurance helps to cover the financial costs associated with the death or disability of a primary member of staff and can protect businesses in the event that a vital employee is no longer able to work. This type of insurance also provides access to funds that can be used as compensation for recruitment and training expenses associated with replacing the key individual. Group key person insurance is an incredibly useful asset for any business and shouldn’t be overlooked when considering protection against financial risks.
With our expertise and knowledge, we can help answer any questions or address any concerns you may have about essential plan features before purchasing a policy. And since you’ll be working one-on-one with us, you can rest assured that you’ll receive personalized service that meets your specific requirements.