When a business depends on specific people, coverage protects more than a family.
Two families depend on you
Owners often carry personal obligations and business obligations at once — payroll, a lease, a line of credit, a partner who could not continue alone.
Coverage can be structured to address both, but the structure matters as much as the amount.
Common structures
Buy-sell arrangements give surviving owners the funds to purchase a departing owner's share. Key person coverage helps a business absorb the loss of someone difficult to replace. Some lenders require coverage as a condition of financing.
Get the paperwork right
Ownership, beneficiary and agreement language should line up. We coordinate with your attorney and tax professional rather than substituting for them.
Greater Purpose Life does not provide legal or tax advice.
This article is general education, not insurance, tax or legal advice. Policy features, riders and availability vary by state and insurance company, and the actual policy documents govern all coverage.