GROUP INSURANCE - BUSINESS INSURANCE

"When you know what to be, there is never any problem about what to do."
Author Unknown
 

Group insurance is personal insurance (life, disability, or health) that covers the lives of a group of persons and their dependents who have some common association, such as being employees of the same company, members of the same profession, or alumnae of the same university.

Most Group Plans involve employer/ employee relationships.   Group insurance plans generally  provide the same coverage to all members of the group regardless of their health status, age and gender. Coverage can rarely be tailored to the specific needs of individual members.

 

 

 KEYMAN INSURANCE - BUSINESS INSURANCE

Business owners and other key executives spend considerable time and effort to acquire the knowledge, experience judgment, reputation, relationships and skills that make them valuable to the business. When they die, the business loses a key member of the management team and this can have a severe financial impact.

Key person insurance provides assurance to a small business’s creditors and employees that the business will continue even if a key person dies. The life insurance proceeds provide immediate cash to cover the business’s working capital needs and to find and train a suitable replacement for the person who died. The value of these benefits should far exceed the cost of the life insurance.

 

 BUY-SELL - BUSINESS INSURANCE

An integral part of any succession plan is to ensure that financing is in place to fund the purchase and sale of the business interest if an owner dies.  The succession plan should also provide the business owner with sufficient liquidity to fund the related income taxes and, where possible, take advantage of any tax deferral or tax minimization strategies that may be available

Life Insurance is generally an efficient way to fund the obligation that results from a buy/sell agreement when a shareholder or partner dies.  There are numerous possible ways to structure a buyout on death and life insurance funding plays an important role in ensuring the buyout occurs.

 

 BUSINESS OVERHEAD INSURANCE

If you own a business and become unable to work, your income will stop (or be greatly reduced) but many of your expenses will continue. Business overhead insurance provides money to pay those expenses until you recover and either get back to work or make plans to sell the business.

  (250) 390-1995  1-800-668-7558
 Zulak Financial Group Ltd.