Key man insurance is life and disability that benefits a business if an important employee, like an owner or founder, dies or becomes disabled. The business buys the policy, pays the premiums, and receives the payout if the key person dies, falls ill, or becomes disabled. A $100,000 policy for key man insurance starts at…
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Life Insurance Costs & What Affects Rates
Life insurance costs depend on several factors, including age, gender, health, the type of coverage, and the policy’s face value. Term life and whole life are the two most popular types of life insurance, with term life being the most affordable. Typical term life insurance rates range from about $30 to $60 per month for…
Irrevocable Life Insurance Trust (ILIT) & Succession Planning
An irrevocable life insurance trust (ILIT) is a trust that serves as the owner and beneficiary of a life insurance policy. A life insurance trust helps wealthy individuals to protect assets and avoid estate taxes, and is a succession planning tool for small business owners who want to transfer a business to heirs or partners….
