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Businesses can leverage life insurance as a valuable benefit to attract top talent and differentiate their business from the competition. Building loyalty and retaining good employees is important for business continuity. Benefits can included life insurance for employees and their families, retirement programs, key employee programs, and executive perk programs to name just a few.
Employees who are covered by a reputable life insurance company can have peace of mind, in the event of unforeseen circumstances, money will be paid directly to their beneficiaries. Their loved ones can use the tax-free funds to protect their home, children’s education, and maintain stability.
Benefits of Life Insurance:
Life insurance can boost security and peace of mind for employees. Financial security is associated with higher productivity on the job. The Consumer Financial Protection Bureau has found that when employees have to spend time and energy worrying about providing for their families, they’re less productive.
Businesses purchase life insurance on employees who play a key role in the company and would have a detrimental financial impact if lost. would be expensive to replace or whose death would cause profit loss, like a founder or CEO.
Life insurance for business owners is a simple way to provide money for a buyout if one of the partners dies. Here’s how it works: The owners or the business purchase policies insuring each partner. If one dies, the life insurance proceeds are used to buy out that person’s share of the business.
