Protect the company, partners, and succession plan
For owners and partners, life insurance protects more than a family — it protects the business itself. The right policies keep a company running, fund a smooth ownership transfer, and help attract and keep key people.
A key person policy is owned by the business on an owner or vital employee. If that person passes unexpectedly, the company receives a benefit to cover lost revenue, recruit a replacement, and reassure lenders and customers during the transition.
A buy-sell agreement spells out what happens to an owner’s share if they die. Funding it with life insurance gives the surviving owners the cash to buy that share at a fair price — without draining the business or forcing a fire sale — and gives the deceased owner’s family a clean payout.
With a Section 162 executive bonus, the business pays premiums on a permanent policy the executive owns. It’s a simple, attractive perk that rewards and retains key talent, and the executive keeps the policy and its cash value.
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It depends on the strategy. Key person and buy-sell policies are typically owned by the business or the partners; an executive bonus policy is owned by the executive with premiums paid by the company. We’ll structure it correctly with your advisors.