Permanent Insurance
As long as the necessary premiums are paid, protection is guaranteed for your entire life or to a specific age / maturity. Policy accumulates a cash value that grows on a tax-deferred basis that you can borrow against. Certain permanent life insurance policies can help you build wealth when you use it as a separate asset class in a diversified financial portfolio.
Term Insurance
Initially, premiums are generally lower than those for permanent insurance, allowing you to buy higher levels of coverage at a younger age when the need for protection often is greatest. However, premiums can increase as you age, and generally, the policy doesn’t offer cash value or paid-up insurance.
Key Man Insurance
The loss of A key employee can greatly impact your business. Key person insurance is a type of business insurance designed to help a company recover from the financial loss caused by the death of an owner, partner, or essential employee. Key person insurance provides financial protection by giving businesses the time to find and train replacements for key employees.
Buy Sell Agreements
Buy-sell agreement insurance operates on a simple principle: providing financial safety nets. A buy-sell agreement is a legally binding contract between business owners that predetermines the terms of buying out a departing owner’s interest. This agreement is typically funded by life insurance, which ensures that funds are available in the event of an owner’s death, disability, or retirement. This mechanism is called buy-sell agreement insurance.