The Sales Corner
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Most small business owners work very hard to make their companies successful. However, this dedication can become a double-edged sword. Small businesses can become so dependent on their key employees that an unexpected death or disability can threaten the survival of the company. Even an expected event, such as retirement of a key person in the business can cause difficulties. This is where you, the agent, can assist your business clients by properly planning for expected and unexpected events that can take a key employee(s) out of the picture. Posted Sep 05, 2010 Facts: Terry Kester, age 45, works at ABC builders, a construction company in Iowa. ABC Builders has a stellar reputation in commercial building, and Terry’s expertise and contacts have contributed significantly to the company’s business and their profitability. Greg Sacks, the owner of ABC Builders, knows if something happens to Terry, his business would be affected. Key Person Coverage: Greg decided to purchase key person insurance on Terry by using Posted Sep 05, 2010 Facts: Jim McAleer is a 35-year old computer analyst for DeVoe Companies. Jim has developed a proprietary software program which has dramatically lowered the cost of manufacturing and delivery to DeVoe’s customers. Jim continues to make valuable upgrades to the software keeping them a step ahead of their competition. Bill Chadima, owner of DeVoe Companies, realizes the value Jim brings to DeVoe and after talking to his insurance agent developed a key person plan for Jim. Key Person Coverage: Due to the fact DeVoe just added a large building and cash was tight, the agent showed Bill how to Posted Sep 05, 2010 Marriage is not always “Till Death Do Us Part”. Divorce happens and statistics tell us it happens a lot. Once divorce occurs, there will be a number of issues to resolve (minor children, business interests, retirement plan assets, etc.) and the non-custodial parent is often required to maintain life insurance to fulfill his/her... Posted Sep 05, 2010 We all know of small businesses who have a key employee. If this key employee were to die, become disabled or quit it would create a financial hardship on the business. Many times it is a key employee who... Posted Sep 05, 2010
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