Business Center

Center for Business
& Estate Planning

Business Planning

Key Person

As a business owner you cannot do it all. You rely on a few key employees who help make day-to-day operational decisions, who play a key role in obtaining credit with a financial institution or who for example, oversee all sales activities. Losing one of these key employees could set you back.

Key person life insurance provides life insurance protection on the life of a key employee and is purchased to help reimburse the business owner from economic loss caused by the death of the employee.

The insurance proceeds used to help bridge the gap of the lost revenue or increased expenses due to a loss of a key person. This would allow the business to continue to operate and provide the funds necessary to recruit a new employee to take over the key person's functions.

By using life insurance, the death benefit would be available to pay for an employee search, pay that person's salary and create a cash cushion for the business during this trying time.

The life insurance can also guarantee a specific death benefit precisely when the money is most needed, provide tax deferred accumulation of cash value and minimize the impact on the business's financial statements.

Finally, the life insurance can be a benefit to retain a key person.


Securities products and services are offered through Park Avenue Securities LLC (PAS) 244 Boulevard of the Allies, Pittsburgh PA 15222 1.412.391.6700. PAS is an indirect wholly-owned stock subsidiary of Guardian. Neither Lifetime Financial Growth, LLC. nor Luttner Financial Group Ltd. are affiliates or subsidiaries of PAS or Guardian.

 

PAS is a member FINRA, SIPC.

 

The Information on this site is intended for the residents of Pennsylvania, Ohio, West Virginia, and Maryland. The financial representatives of Lifetime Financial Growth are not licensed to sell securities in all 50 states. To find out if an agent is licensed in your state, please contact Darlene Lucas at 412-391-6700.

 

We are licensed to sell Insurance in the following states: Pennsylvania,Indiana, West Virginia and Ohio.

 

Guardian, its subsidiaries, agents or employees do not give tax or legal advice. The Living Balance Sheet® and logo is a registered trademark of The Guardian Life Insurance Company of America (Guardian), New York, NY. Patent pending. The trademark The Living Balance Sheet and the content and graphics in this website which relate or refer to The Living Balance Sheet system are used under license from Guardian.

 

Guardian does not offer Property & Casualty and Individual Health nor do we provide services for them. Disability income and long term care insurance underwritten and issued by Berkshire Life Insurance Company of America, Pittsfield, MA, a wholly owned stock subsidiary of The Guardian Life Insurance Company of America, New York, NY. Products are not available in all states. Product provisions and features may vary by state.

 

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