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Plan & Protect
Reduce risks and enjoy peace of mind with these tips and insights to protect what matters most.
When it comes to business continuation planning, the phrase “you can either fail to plan or plan to fail” certainly applies. As a business owner, you may have created a formal business plan or have done no planning at all. But if you fail to plan your own exit strategy, forces beyond your control may create a plan for you.
Many business owners have one of three common misconceptions:
Business continuation planning is a systematic plan to either continue or dispose of your business interest in the event of your retirement, disability or death. There are several types of life insurance that can help with this planning.
Key person life insurance is owned by the business on the life of a key employee, purchased to help reimburse an employer for the economic loss caused by the death of the employee. As such, key person life insurance is not just a specific type of life insurance policy but is an effective way for a business entity to use life insurance. With appropriate ownership and beneficiary designations, the policy can be used to fund business needs.
A buy-sell agreement funded with life insurance provides that someone (for example, the business entity, the surviving owners or a key employee) will purchase a deceased owner's interest at an agreed-upon price; and the deceased owner's estate is obligated to sell the interest at that price. Life insurance provides the immediate funds necessary to complete the transaction.
Personally owned life insurance provides income replacement for your family to meet current needs, reducing the immediate pressure at the time of your death.
Life insurance can play an integral part of your business continuation plan and protect your, your heirs’ and your employees’ interests. Speak with your agent and your attorney to make sure you have appropriate measures in place.
Neither The Cincinnati Life Insurance Company nor its affiliates or representatives offer tax or legal advice. Consult with your tax adviser or attorney about your specific situation. For policy service and additional information, speak to an independent agent representing The Cincinnati Life Insurance Company. For a complete statement of the coverages and exclusions, please see the policy contract. All applicants are subject to underwriting approval. Products and riders available in most states.