The loss of a business owner or key employee can be costly and have a negative impact on the business. Finding a replacement can be costly and put the business at risk.
Almost 6 out of ten owners have key person life insurance, and almost 5 out of 10 have key person disability insurance.
Use the key person calculator to help determine how much insurance your clients may need on their most valued employees. The proposal includes cost for term life insurance and Key Person Replacement disability insurance.
Other helpful calculators:
Once your business owner clients have protected their investment in key employees, they need to consider how the business would stay afloat in the event they were unable to work for a period of time. Business Overhead Disability Insurance provides funds to pay the bills of the company for up to 24 months, including a salary to a temporary employee to run the business. Furthermore, carriers also offer business loan protection as an additional rider. It provides payments to help cover the cost of a business-related loan obligation.
For businesses with several owners, disability buyout insurance is key need. Disability buy-out insurance funds a buy-sell agreement to buy out a totally disabled business owner.
Most business owners are so busy running their businesses they do not have the time or expertise to research and decern life and disability insurance solutions to protect their businesses.
As their insurance expert, you can provide the expertise and insight your business owner clients need to not only protect their businesses from the loss of a key employee but to also keep the business afloat in the event of an unexpected illness or sickness.
Not sure how to get started?
Source Brokerage’s disability income specialists can help you develop a plan and walk with you through the entire process from the first meeting to the policy delivery. We are your partner.
Learn more about marketing and selling life and disability insurance products designed for business owners, contact Steve Crowe at ext. 222, or request a quote.
