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Life Insurance Can Be a Financial Lifeline for Small Business Owners [Video]

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Life Insurance Can Be a Financial Lifeline for Small Business Owners

As a small business owner or partner have you considered how life insurance can protect your small business. Here are three types of life insurance policies that can be a financial lifeline for your business.

A key person insurance is a life insurance policy that a company purchases on an owner’s life, a top executive, or another individual considered critical to the business. This type of life insurance is also known as “business life insurance.” When a key person dies, the insurance policy can help make up for lost sales or earnings and cover the cost of finding and training a replacement

A buy-sell agreement, also known as a buyout agreement, is a legally binding contract funded by a life insurance policy that can help minimize the disruption caused by the sudden death of a business owner or partner. This allows remaining business owners to buy the company interests of a deceased owner at a previously agreed-upon price, which helps guarantee that the surviving family members will be compensated for their share of the business.

An individual life insurance policy that you own individually can provide your family with the financial protection they need. Whole life insurance policies may be the best option for you. These policies combine the traditional death benefit with a “cash value” that continually grows. Any amount within a policy’s cash value can be withdrawn at any point in your life as a loan, though there may be a minimal percentage of interest charged and a lower amount earned on the loan amount until it’s repaid. Even if you never borrow any of the funds, the policy’s death benefit increases along with the cash value, so your dependents benefit nonetheless.

You are putting your business and family at risk by not having a life insurance policy. Make sure you have the right insurance policy to cover all the people who depend on you. Let us at Cosmo Insurance Agency help you find the perfect life insurance policy for you.
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Business Owners

Talent Matters Webinar Series | Succession Planning for Business Owners with SBDC [Video]

Nationwide talent shortages are at a 10-year high, with no immediate end in sight and no one-size-fits-all solution. To challenge businesses and organizations to think creatively about the way they develop, attract and retain talent, Flint & Genesee Group is kicking off a new webinar series starting January 25. Join us each month as we bring together workforce experts to discuss the changing workforce landscape and its pressing issues. During this month's webinar, we'll focus on succession planning for business owners. Thinking About Selling Your Business or Retiring? Start Here!

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Business Owners

Scott Rosenzweig President & Chief Revenue Officer of Sales Growth Advisors, Interviewed on Podcast About Unlocking Sales Growth for SMB Organizations [Video]

Scott Rosenzweig discusses how a Sales Assessment is necessary to leverage periodically for maximum sales performance, understand which of the key performance indicators are the most important to track, and why a Sales Playbook is critical to the growth of a business. Listen to the interview on the Business Innovators Radio Network:   https://businessinnovatorsradio.com/interview-with-scott-rosenzweig-president-chief-revenue-officer-of-sales-growth-advisors/ Rosenzweig […]

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Business Owners

Talc plaintiffs lawyers allege J&J put lawsuits in bankruptcy to protect brand [Video]

Lawyers for cancer victims accused Johnson & Johnson of pushing roughly 38,000 talc lawsuits into chapter 11 to stem damage to its corporate brand and gain unfair leverage, as a trial concludes on a bankruptcy strategy the company has defended as fair and reasonable.

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Business Owners

How does an executive bonus plane with life insurance work? [Video]

Certain employees are essential to the life of a business and keeping them committed is essential. A sudden departure of a critical employee could spell a number of things for a business. One way to reward employees a business depends on, and to encourage retention, is to offer an executive bonus plan with life insurance. An executive bonus plan doesn’t have to be offered to all employees, which makes it a unique and exclusive benefit. Using life insurance, the employee receives death benefit protection in their working years and a potential supplement to retirement income later on.Is an executive bonus a benefit offering that would work for you or your business? Talk to your financial professional today to see if a North American life insurance policy would be the right fit.Find out more about North American life insurance today: https://www.northamericancompany.comFacebook: https://www.facebook.com/northamericancompanyLinkedIn: https://www.linkedin.com/company/north-american-company-for-life-and-healthTwitter: https://twitter.com/NorthAmerCo