Life insurance may be used to coversole-proprietors, partners, stockholders or key personnel for the purpose of guaranteeing a fund for various needs.
Single Proprietor Business Capital Fund
Parents want to leave their business-interests to their children, free from the financial problems of accounts payable and lack of working capital. Debris are chargeable to properties left by a deceased estate owner.
Business Capital Fund
Parents want to leave their business-interests to their children,free from the financial problems of accounts payable and lack of working capital. Debris are chargeable to properties left by a deceased estate owner.
Partnership Insurance Fund
The death of apart ner extinguishes the business partnership.The surviving partner jeopardizes his income source is forced by law to liquidate and pay the deceased partner’s share to his estate. The heirs will need/demand payment of their “share”.
Close Corporation Insurance
The death of a Stock holder in a family or close corporation, results in the entry of an “unqualified unwilling” heirs into the management team. The surviving stockholders want/agree to keep the team “pure”.
Limited pay life plans provide lifetime insurance protection, and the shortest paying period of only 2, 5 or 10 years. .After 2, 5 or 10 years, the policy becomes fully paid up and life insurance coverage continues for life.
Guaranteed cash values accumulate during the insured’s lifetime. These may be availed of thru a policy loan for any cash needs. The amount of coverage, net of any policy loan, plus accumulated dividends will be paid to the insured’s designated beneficiaries in case the insured dies by natural or accidental causes. The 2/5 Payplans share in the company’s divisible surplus income and are credited with annual dividends after the 1st or 2nd year, which may be left with the company to accumulate. Dividends are not guaranteed
Key-Man Insurance Fund
Business owners want to enhance the productivity and loyalty of employees by providing financial support to their families should the employee die by accident or natural causes.
– 1 to 70 years old(age as of the nearest birthday)
– 56 and above are required to undergo the medical exam
– Minor member who is covered by the plan
– 0 to 17 years old
– Payor should be 18-62 years old
Minimum amount of coverage:
Maximum amount of coverage:
-Depending on the financial Underwriting
Riders that can be attached
– Waiver of Premium due to Disability(WPD)
– Accidental Death Benefit(ADB)
– Special Accident Rider(SAR)
• For 2PL & 5PL only
– Special Accident Rider with Disability Indemnity(SARDI)
• For 2PL & 5PL only
– Hospital Income Benefit(HIB)
– Payor’s Clause(PC)