Protect the Continuity of Your Business Against the Loss of a Key Employee or Owner
Does your business include someone whose contribution is vital to your business? If yes, then key person life insurance should be a critical component of your business continuity and succession plan— especially if you're a small business owner.
If an insured key employee were to die, key person life insurance would provide a tax-free cash payment that your business could use as working capital and to help manage issues related to the person's death, including:
Recruiting, hiring and training your employee's replacement, which can be both time-consuming and expensive
Paying off debt and dealing with creditors that wish to expedite loan repayment
Alleviating potential lenders' concerns about your company's financial health
Reassuring customers, employees or investors that the business will continue operating
What's more, if you or your family rely on your business as a primary source of income, key person life insurance can help ensure that the business will continue to provide a secure financial future.
A range of life insurance solutions to meet your needs
RBC Insurance® offers a range of term and permanent life insurance plans that are ideal for protecting your business against the loss of a key person. And while the premiums are not tax-deductible, the life insurance proceeds are tax-free. Even more importantly, the cost of this invaluable insurance protection is low when compared to the value of your key person.
Secure the protection your business needs to survive the loss of a key person.
We're here to help you choose the life insurance that best suits your business. Contact us or talk to your licensed insurance advisor today.
