Key Person Insurance Services from Lions Financial
Do you rely on a key employee for the success of your business?
Are you concerned about the financial risks you could face if that person were no longer able to perform at a normal capacity or worse, pass away? If so, key person life insurance could be the solution you need.
Key Person Life Insurance Explained:
Key person life insurance is a policy that a business purchases on the life of a key employee. If the key employee dies, the policy provides a death benefit to the business which can help cover the costs of finding and training a replacement, paying off debts, and other expenses. The death benefit can be used by the business for any purpose, such as paying off loans, buying out shareholders, or funding a business continuation plan.
Don’t leave your business’s financial health to chance. Contact Lions Financial today to learn more about our key person insurance services. With our professional experience and technology, we help create a comprehensive plan that will protect your business’s financial health. Let us help you secure your future and give you peace of mind.
Our approach is designed to help you mitigate the financial risks associated with losing a key employee due to death, such as delays in client services, disruptions in your partnerships, and negative impacts on your credit line. With key person life insurance you can ensure that your business will be protected in the event of an unexpected loss.
At Lions Financial we focus on helping your business find the right key person insurance solution.
We use a four-step SIRE process that includes surveying your business, gaining insight into your specific needs, making recommendations tailored to your company, and executing on the plan with our professional experience and technology.
Frequently Asked Questions
Key person life insurance can protect your business from the financial risks associated with losing a key employee due to death, such as delays in client services, disruptions in your partnerships, and negative impacts on your credit line. It can also provide funds to help cover the costs of finding and training a replacement, paying off debts, and other expenses.
The financial risks associated with losing a key employee include delays in client services, disruptions in your partnerships, and negative impacts on your credit line.
Key person life insurance differs from traditional life insurance in that it is purchased by a business to protect against financial loss resulting from the death of a key employee, while traditional life insurance is typically purchased by an individual to provide financial security for their family in the event of their death.
If the key employee leaves the company before the policy expires, the policy can be cancelled or transferred to a new key employee.
The cost of key person life insurance varies depending on factors such as the age and health of the key employee, the amount of coverage needed, and the length of the policy. It is typically determined by an underwriting process that takes into account these and other factors.
Lions Financial uses a four-step SIRE process for each of their services. The process includes:
Step 1: Survey – Lions Financial conducts a comprehensive business assessment to understand the client’s needs and the issues they are currently facing.
Step 2: Insight – Using the information gathered in the survey, Lions Financial evaluates industry and economic factors to gain insight into the client’s specific needs.
Step 3: Recommend – Lions Financial provides tailored solutions to the client based on the insights gathered in the previous steps. They focus on accomplishing short-term goals to maintain long-term value.
Step 4: Execute – Upon client agreement, Lions Financial facilitates the implementation of the recommended solutions, coordinating with executives, investment capital partners, legal teams, and tax professionals to ensure success.
The SIRE process is a closed-loop, value-focused work-process that helps ensure that the solutions provided by Lions Financial are customized to the client’s specific needs and that they are successfully executed.
Lions Financial tailors its key person insurance recommendations to your business by gaining insight into your specific needs and making recommendations based on your company’s unique circumstances.
Don't leave your business's financial health to chance.
Contact Lions Financial today to learn more about our key person insurance services. Let us help you secure your company’s future and give you peace of mind. We will help create a comprehensive plan to protect your business’s financial health.