Life Insurance can be a valuable asset in the success of a closely held business as the loss of the business owner and/or a key person can have a devastating impact on that business. The use of life insurance in the context of business planning can be defined in 3 areas:
Succession Planning – what happens in the event of death, disability or retirement of an owner?
Key-Person Planning – how does the company weather the financial storm at the death of a key-person, including an owner)?
Recruitment and Retention – does the business have a program in place to assist in the recruitment and retention of key employees?
Foundational Planning Group works with advisors and their clients to evaluate where and how life insurance can assist in achieving the goal of the business and minimizing the risks to losing a key person and/or business owner.