Business Life Insurance

BUSINESS INSURANCE

Every business has one or more individuals that are the key to that business’s existence and the reason for its overall success. The unforeseen death of a key person can result in the business being put under severe financial pressure and financial loss.

Key person insurance therefore guarantees that money will be available to absorb this shock, protect existing credit facilities and provide the necessary funds for the recruitment and training of a new person or leader.

Business insurance alleviates many of the problems that arise on the death or disability of a partner, shareholder, close corporation member, sole proprietor or key person. It provides all that personal insurance does and more – ensuring business continuity and in some cases, may even strengthen the business structure.

Contingent liability insurance refers to a policy taken out by a business on the life of an employee or director who stands surety for the debts of the business. The amount of cover taken out should be equal to the loan amount.

Buy and sell arrangements, supported by a buy and sell agreement and life insurance, will ensure that on the death of a business owner or partner, the business can continue to operate effectively.
This helps the other business partners or owners to re-arrange the management structure. An Agreement like this will also ensure that the estate of the deceased business owner receives fair value for his business interest, as well as settlement of his credit loan account.

 

EMPLOYEE BENEFITS

Employee benefits solutions are our priority as a business owner ourselves, with a large amount of employees. Therefore we have firsthand knowledge of their needs and preferences.

Finmar structures your business employee’s benefits according to the individual needs of the business, making adjustments to accommodate everyone. This contributes to a company’s ability to attract and retain skilled and knowledgeable employees in a tax-efficient and socially responsible way. The best way to keep all your employee’s loyalty and commitment is to show your commitment to them.

Personal life insurance is generally taken out to cover your changing risk needs as you progress through life. It’s an insurance policy that, in return for the payment of regular premiums, pays a lump sum on the death of the insured. In addition to life cover, your Life Insurance should be flexible and adaptable, covering you not only on death but also on disability or retirement.

1. Life, Disability and Critical illness Insurance
When choosing a life policy it is always important to ask yourself:

• • Will those I leave behind at death have enough money to meet their needs into the future?
  • Will my children be able to complete their education if I am unable to provide for them through death or disability?
  • Can my debts be met if I die?
  • If I am disabled will I be able to support myself and my family?
  • Will I be able to save enough money to provide for my retirement?

2. Disability Benefits
You can add value to your life policy with disability cover that will cover you for temporary or permanent incapacity resulting from injury or disease.

This disability may mean that you are medically unfit to work, because of an accident or illness. This Insurance will then pay a cash amount to you to look after your needs into the future.

Finmar Life is an affiliate company specialising in Life Insurance packages.