Life Insurance Comes In Many Forms
Sierra Oak Can Help You Find The Right Policy That Fits Your Specific Needs.
Term Life Insurance
Term Life Insurance provides protection for periods of 10, 20 or 30 years at a fixed rate. You choose the length of time that best suits your needs. If the insured dies during that selected time period, the death benefit will be paid to the beneficiary. If you do not currently have Life insurance, Term Life Insurance can be a good place to start.
Whole Life Insurance
Whole life insurance is protection for as long as you live. Many whole life policies also provide for the accumulation of cash value on a tax deferred basis, which can be used to help out in the event you need it. Policy loans do accrue interest, and any outstanding loans and interest will reduce your death benefit.
Universal Life Insurance
Universal life insurance is a type of permanent life insurance with the flexibility to adjust premiums to meet your changing needs. It builds cash value over time and you can access this through policy loans or withdrawals.
Key Employee & Business Life Insurance
The Key Employee is usually the backbone of the small business. The premature death of this person can be very costly to the business. Having this type of life insurance in place can offset these costs thereby allowing the business to comfortably readjust.
The Sole Proprietorship And Business Life Insurance
The owner of a Sole Proprietorship is not a separate entity from the business. All liabilities the business incurs so does the owner. The business dies when the owner passes away. Even though the assets of the business can legally be transferred to a beneficiary the business has to be dissolved. The new owner will have to start a new business in their name. This transition can be quite expensive. With the proper life insurance in place, however, the business can continue without much delay.
Business Life Insurance And Buy-Sell Agreement
In order to avoid a problem when one of the partners or corporate officers passes away they will have a Buy-Sell agreement drawn up. Upon the death of one of the shareholders the benefits of the policy would be paid to the corporation which would in turn purchase the deceased shares from their survivors. This is a great benefit to the heirs as well as the corporation.
- Creates immediate cash for the heirs of the deceased shareholder.
- Leaves the corporation in the hands of the surviving shareholders without any interference from the heirs of the deceased shareholder.
- Creates a guaranteed market at a fair price for the shares of the deceased stockholder.
A good understanding of life insurance can save your family and/or the small business owner from unforeseen financial problems.
Give us a call today to discuss the best option that fits your needs.
1 (888) 590-5282