Group Term Life Insurance helps you protect your employees and their families at a minimal coast to you. Group Term Life Insurance can be based on salary multiples, flat amounts, incremental amounts, or employee class. Peak Insurance Agency can help you design a plan with standard and optional features that fits your company's needs. Group Life Insurance can easily add to your employee benefits package. 

 Look at your business and think about who is irreplaceable in the short term. Is it your bookkeeper, your sales manager, your field supervisor? If this key individual is gone, the business can come to a stand still. The purpose of Key Person Insurance is to help the company survive the blow of losing the person who makes the business work.

With Key Person Insurance, a company purchases a life insurance policy on its key employee(s), pays the premiums and is also the beneficiary of the policy. If that person unexpectedly dies, the company receives the policy death benefit. The company can use the insurance proceeds for expenses until it can find a replacement person, train a replacement, or, if necessary, pay off debts, distribute money to investors, pay severance to employees and close the business down in an orderly manner.  

The amount of Key Person Insurance a business needs depends on the business. We can help evaluate your need and shop around for the best policy that is fit for your business.

 Have you thought about what would happen if one of the owners of your business were to die unexpectedly or become disabled? Where would you find the funds to buy out his or her share of the business? Utilizing a Cross Purchase arrangement can help fund this buyout.

In a Cross Purchase arrangement, business owners agree among themselves to collectively purchase the interest of any owner who dies or becomes disabled. Using life insurance policies to fund the buyout, each business owner purchases a life insurance policy on all the other owners. At the death of an owner, the surviving owners receive the policy proceeds and then purchase a pro rata share of the deceased owner's business interest from his or her estate. The result is that the estate's non-liquid business interest is converted into cash and the surviving owners now own 100 percent of the business.