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Tag: insurance

  • How Minance Is Changing Investment Management In India

    The investment landscape in India is fragmented and spilt between the haves and the have not. Over the last decade, India has seen an increase in the inflow of foreign direct investment (FDI). More MNCs have been opening their offices and expanding their businesses here, resulting in a wealth of job opportunities. The Bangalore based Minance has stepped forward to solve the chaotic investment landscape of the country by making three fundamental changes.

    The company is vesting its focus on making investing more accessible, making the process more transparent and finally working towards centralization. Investing for higher returns has become an important factor in the average Indian’s financial planning. While there are many wealth management firms targeting high net worth individuals (HNIs) and their impressive portfolios, there aren’t many players in the market helping the average Indian invest his/her hard-earned savings and realize profits from otherwise idle assets.

    This is where Minance steps in to make a difference. The company aims to change that by helping investors from all walks of life invest in products that were earlier available only to the ultra-rich. Right from financial handholding, transparent dealing of investments through a customer friendly dashboard, to centralization of investments and taxation, Minance is giving the Indian consumer financial independence in the true sense of the term.

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    A brief about Minance

    Minance is a private wealth management firm focused on providing a comprehensive range of investment product for its partners. Minance uses a combination of complex algorithms and fundamental research to guide our investment across derivatives, equity, mutual funds and private equities. Minance was founded in the year November 19th, 2014 by Anurag Bhatia. The vision is to be a one stop solution for investor’s financial needs. The company also provides taxation services and is expanding to insurance, credit, and international equities.

    Minance manages the investments of its partners across a range of asset classes from equities and derivatives to mutual funds and stocks of fast-growing private companies and startups. In just four-and-a-half years, Minance has 3,000 partners and an Asset under Management (AUM) of over $41 Million (Rs. 300 Crore). Bhatia the founder of Minance says that, “Our internal tagline is the money company and we want that to be a reality. To that end, we will soon be expanding into insurance and credit”.

    Anurag Bhatia, the founder and CEO of Minance
    Anurag Bhatia, the founder and CEO of Minance

    When it comes to the history of minance, the company was started when Bhatia was still employed under Amazon. He noticed how a lot of employees who had vested their Amazon stocks but didn’t know what to do with the money. Bhatia who then was known to be the ‘stock market guy’, would help them make a deal in which he would manage his colleague’s investments in return for 1/5 of the profits. This led to Bhatia making a company known as Minance. The company, which initially offered just derivatives, soon gained traction among investors because of its low investment ceiling of Rs 25,000.

    Bhatia became well known after becoming a top writer on Quora. Impressed with his knowledge of the markets, people started pouring in to invest through Minance. The young founder says that he’s been humbled by the overwhelming response to his company. “The journey has been challenging at times. What we set out to do hadn’t been done this way before and we had to build a lot of things from scratch, especially the technology,” he says. Now the investment management firm has around 3,000 partners and has an Asset Under Management (AUM) of over Rs. 300 Crore

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    Standing out in the crowd

    What makes Minance stay ahead is their belief of simply establishing a personal relationship with the people who invest with them. Over the years, the company has managed to build a family of clients who have restored their faith in Minance. Minance has been able to carve out a niche for itself in the competitive market with established players like Tata, HDFC, Future Capital, Kotak Mahindra Capital, Edelweiss stock broking and many more.

    The founder of Minance, Anurag Bhatia says that, “Small retail investors were catered to by mutual funds and the ultra-rich (investments of Rs. 30 Crore and more) went with players like ASK, HDFC, Kotak, etc. We take care of the needs of those in the middle, people who can invest anywhere between Rs. 5-10 Lakh to a few crore”. Minance products are designed in way that they cater to a wide range of risky profile needs. Minance has a product for everyone whether they are a heavy risk taker hungry for return or conservative investor looking for a stable and consistent gain.

    The logo of Minance
    The logo of Minance

    Systematic investments plans (SIPs) are the most popular type of mutual fund as it is easy and convenient, but it comes with a problem as people forget to monitor people forget to monitor them and when market conditions change. Regular monitoring and rebalancing are needed, for which Minance offers managed mutual funds. Bhatia points out that one of the most sought-after products Minance offers is a mutual fund enabled product called Assets Pay Cash, which is designed to generate around 12% additional returns per annum over and above what the mutual fund makes.

    Investing through SIPs in stock are harder since you need to gauge the market and track multiple stocks, which is time consuming. “We are making this easier with our equity product (Bloom). Investors can set up a SIP with us, the money is parked into liquid debt funds while we wait for the right time to deploy. This way your money is still invested and we get to pick the right time to enter the market,” explains Bhatia.

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    Products offered by Minance

    The products offered by Minance are varied in nature. The company taps into the unlisted/private equity market and carries out quality research on companies that are revolutionaries in their fields. The team at minance is focused on research and they make a point to delve into specifics before pitching an investments to their clients. Assets Pay cash (APC) is another investment strategy risk averse in nature with an aim to have you generate significant alpha above your mutual funds.

    The idea is to collateralize your mutual funds, gain margin and then trade in conservative option positions. With all this, our team of Investment managers and Traders work towards being up to date with the market nuances to make informed decisions for our clients,” he informs. Some of the known products offered by the company are:

    • Bloom – Minance long tern equity product is designed to grow your wealth over a 3 to 5 year period. Both Arbor and bloom feature five risk profiles to balance risk appetite with returns.
    • Arbor – Minance core derivatives product catering to aggressive investors, Arbor is designed to generate returns of up to 35%. The product is market neutral, meaning it will generate returns regardless of the market direction.
    • Private equities – The Company offers shares of promising private companies such as PayTm, Ola Kurlon Mattresses, Nazara, etc.
    • Mutual Funds – The company helps its partners identify and manage the most lucrative funds for a given risk level, based on the efficient frontier theory.
    • Assets pay cash – This lets the partner make 12% more returns on top of their mutual funds with no additional investments.
    • Tax safe – Tax safe is minance online vault which stores user’s tax documents and enables them to file taxes in a fast and hassle freeway.
    • Global Equities – Minance latest product enables its partners to invest in a diverse global portfolio comprising of US tech companies, European manufactures, Asian infrastructure firms and many more.

    A hardworking team

    Minance is backed by a young and self-reliant team that is open to opportunities and willing to learn. Bhatia say that, “Finance at the end of the day is also an empathetic business and if you do not speak to your clients the way you would like to be spoken to, the concept of client service is lost. Our team believes in being honest with our clients.” The aim of the company is to level where it serves the elite Indian crowd.

    The idea is to target the rich customers and help them manage their wealth. Traditional methods of investing have existed for centuries and the team is looking for avenues that could help them bounce from these methods to a more advanced ones. “It’s common to worry when it comes to Futures or Options as products because they are quite complex in nature. But that’s where the trick is the want to figure that out. That defines us,” he concludes.

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    Investments made easy and accessible

    Minance partners have access to all these advantages while being able to maintain complete ownership and control of their money. One of the most popular features is a sure shot investor pleaser and the ability to redeem funds anytime. By allowing complete liquidity, Minance takes away whatever apprehensions investors generally have, which make them wary of investing. Minance also enables its partners to access their accounts anytime they wish to see how their funds are doing.

    It offers a web dashboard through which partners receive updates and insights about the companies they have invested their funds in. This helps them stay in loop without having to set up additional tickets on their desktop. Wealth management is an important concern for people living in a country burgeoning economically, technologically, and in many other aspects. Minance helps investors as well as novices strike this balance and provides them the perfect platform to spread their wings and experience ultimate financial freedom.

  • Best Health Insurance Options for Small Businesses

    Many small businesses and startups feel intimidated by the responsibility of providing the best health insurance for their employees. The fees are high and startups with limited capital investment sometimes opt to avoid insurance coverage.

    But entrepreneurs are more at risk than ordinary employees because many of them are fully invested in the company. However, a trip to an illness or a costly medical procedure can spell the end of the business. There are several options for health care insurance for startups and small businesses which are useful for their employees working in the organization.

    Health Insurance Companies in India
    Health Insurance Companies in India

    Health Insurance Options for Startups

    The first thing to understand is that plans are classified into four different levels, each tied to a different level of coverage, such as Bronze, Silver, Gold, and Platinum. Platinum being the highest premiums and the lowest amount out of pocket cost for the company’s employees, while Bronze has the lowest premiums, and a higher out of pocket cost for the employees.

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    Insurance plans at the Bronze level make the most sense for small businesses. These plans have lower premiums but they have very high deductibles. Deductibles are the amount that the employees have to pay out of pocket before insurance kicks in. This makes Bronze plans great for people that about things like car crashes or the flu.

    Individual Health Insurance

    Individual health insurance can be with or without a defined contribution allowance. This type of plan allows the organization’s employees to purchase their health insurance coverage through the public marketplace or an agent. Organization’s employees can select any carrier or insurance policy and access discounts on premiums by using individual health insurance tax credits.

    Startups can contribute to the employee’s premium and other health expenses using a Health Reimbursement Arrangement (HRA). The companies can contribute any amount up to defined limits.

    Individual health insurance is easy and cost-effective for smaller groups to access insurance coverage that is priced out of the group health insurance.

    Another option of health insurance for successful startups is the Health Savings Account (HSA). This is specially designated, tax-advantaged savings account that an employee can use to pay for expenses from high-deductible health plans. Money leftover in an employee-owned HSA is saved over time and can earn interest. HSAs work well for employees who prefer specific lower premiums.

    HRAs work in a similar way to HSAs, with one main difference being that employees do not own their HRA accounts.

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    Co-Op

    Co-op is also one of the good options for startups as it gives the organization a boost in buying power and spreads the risks to a larger group. However, not all co-ops are structured similarly. It is important to find a co-op with good rates, this also depends on the market itself or regional underwriting insurance laws that dictate rates or the co-op itself.

    SHOP Marketplace

    The Small Business Health Options Program (SHOP) Marketplace is a public state or also known as federally run exchanges that sell insurance to small groups. It is a good place to find the best health insurance for small groups with less than 50 employees if they can meet certain requirements.

    Different states have different laws. If a particular business is eligible, SHOP gives access to small tax credits. The brokers affiliated with SHOP Marketplace can help startups to purchase the plan.

    Different policies under Health Insurance
    Different policies under Health Insurance

    Private Health Exchange

    The Brokers offer small businesses a private exchange option by working with a defined contribution. Small groups give employees a set contribution that goes towards a menu of plan options, which can be individual or group-based.

    A licensed health insurance broker can be a good resource if one is looking for ways to minimize the risk and ensure the coverage of the organization’s employees. As for a broker that specializes in small group policies, individual or family policies to help assess the different ways one can get health insurance for the business.

    Match the Market Average Coverage

    Medical inflation is on the rise and at this state, one visit to the doctor can disrupt any middle-class family’s monthly budget. So, the organization needs to ensure that its employees have sufficient coverage. Performing market analysis and benchmark the average before deciding the sum insured, most companies offer a health insurance cover of about Rs 3-4 lakh on average.

    Make Employees Co-owner of the Policy

    A comprehensive plan includes many features and provides employees with better coverage and benefits. If one plans on providing a comprehensive plan to their employees, but the premiums are way beyond the set budget, make the employees a co-owner of the policy. At a nominal premium every month, deducted from their salary, the employees can enjoy premium benefits and better insurance coverage.

    Employee Coverage from the Start

    Many small business owners activate the employee health insurance plan after 6-12 months of joining. This makes the new employees feel that they are still not a part of the organization. While not providing health insurance coverage to new employees may save a little money in the short run, but this lowers the chances for great employee relationship in the long run.

    The startup employees might want a Preferred Partner Organization (PPO) plan over a Health Maintenance Organization (HMO) plan if they don’t want to see a primary care physician before visiting a specialist. Alternatively, the employees might prefer an HMO plan over a PPO plan due to the lower cost of an HMO, which comes from staying in a medical network for services.

    With Exclusive Provider Organization (EPO) plans, the employees can use all specialists and providers with no referrals, although there is usually no out-of-network coverage. It also tends to cost less than HMO and PPO plans and could be a good choice for startup employees who do not expect much medical care and want to save money.

    A Point of Service Plan (POS) plan is a combination of HMO and PPO plans, in that employees need to work with a primary care physician while usually having access to a wider range of health care providers.

    Conclusion

    The art of picking up the best health insurance for a small business isn’t easy. It is essential to compare each startup’s coverage options, region-wise availability, employee number, network, capital and revenue and stand-out features. Then the health insurance policy can be chosen.

  • Everything You Need To Know About Life Insurance

    This post is dedicated to the domain of life insurance, the different types of life insurance, the way these instruments are sold, and several other points. India had about 328 million life insurance policies in 2019, so it’s a pretty huge business that one needs to understand and be aware of.

    Several immediate and unexpected aspects arise in our existence. We might pass away due to a tragedy or some ailment. But there is one aspect we are hundred percent sure about: our existence will cease at some point for sure.

    Insurance is a commodity formulated to empower you with a criterion of safety, at least financially, should a catastrophe happen. A life Insurance is precisely planned to ensure your dependents are financially secured in your absence.

    A life insurance is an agreement between an insurer and a policyholder in which the insurer pays a financial reimbursement to the appointed legatee upon the loss of the insured. To put it in simple terms, you spend a sum of wealth called “bonus” to the insurer and when you depart, your beneficiaries—usually your immediate family members—get a lump sum of fortune known as “casualty help”.

    Life Insurance
    Life Insurance

    Should You Buy Life Insurance?
    How Does The Insurance Industry Work?
    What Sector Of Insurance Is To Be Bought?
    Types of Life Insurance
    How To Sell Life Insurance?

    Should You Buy Life Insurance?

    You should buy a life insurance if one or more individuals depend on you for financial aid and sustenance. For example, your kids or your aged parents. Even if no one depends on you, a life insurance is no less than a savior in case of accidents and emergencies.

    How Does The Insurance Industry Work?

    How Insurance Industry Work
    How Does It Work

    If you go back to the days of tribes and ancient people, there was extensive diversity in occupations and tasks. Some people in the tribe were hunters while the others were blacksmiths and agriculturists.

    All of them had various roles. The objective of the head of the tribe was to guarantee that the whole tribe was comfortable, conserved, and maintained if anyone in the tribe left for whatever reason.

    When the tribes became bigger, they moved into different areas and built nations. The rulers of those nations would have a treasury to safeguard the community. The fighters had to be protected. In case if a soldier didn’t come back, then the treasury would help in sustaining the bereaved family. As the society continued to grow, the administration had difficulty regulating the treasury. There were a lot of inefficiencies and the solution was to privatize these investments.

    One of such enterprise formed was insurance. Safety and security are major wealth that the community had to preserve and ensure for all.

    Insurance is a pool of wealth from which amounts are paid out to people in need. The insurance industry will investigate lawsuits it feels are not profound; hence, the following points are significant when it comes to insurance:

    • Appreciating the documentation.
    • Understanding what is hidden and what is not concealed.
    • Meeting the monetary consultant or inter-generational planner.

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    What Sector Of Insurance Is To Be Bought?

    The insurance industry neither very tricky nor modest because it has evolved over a thousand years. There are different kinds of insurance segments one can use depending on the requirement:

    • If you pass away, your family will need revenue safety.
    • In case you fall ill, the house needs income protection.
    • When you retire, you want to have a constant income.
    • When your children go to the institute of their choice, you’ll need money to finance their education.

    These are the four essential sectors where the insurance pool of cash is used. There are several other categories of insurance like medical insurance, car insurance, travel insurance, etc. These insurance agreements function on the same laws but the only difference is in the probability alteration. If your premium is elevated, it means you have a greater probability of something going wrong.

    Types of Life Insurance

    Types Of Life Insurance
    Types Of Life Insurance

    These are the common life insurance models available:

    Term Life Insurance

    The most common type of life insurance is the term life insurance. For one, it is a remarkable, real-life insurance death privilege. It can be employed to maintain your family and settle obligations.

    It may not be decent for a lifelong policy. You can purchase a term for a certain duration such as 5, 10, or even 30 years. It’s prohibitive for properties.

    Most people decline their term scope about retirement time as the taxes are pricing them out of their agreement. The term has no bonuses or currency value. Once you resign from paying premiums, all history premiums are lost. They are gone. You must nearly starve to get a windfall. You never own a term insurance. It’s more like renting. You quit spending rent. You certainly don’t have anything to exhibit for it.

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    When Do You Expect To Borrow Term Insurance?

    One of the vastly prominent explanations is when you are inexperienced; and it’s reasonable. And you have a new family term to ensure your family will be able to sustain itself in case of a catastrophe or a loss. Presently, approximately one to two percent of all term programs ever end up spending a death help which is why it’s somewhat reasonable.

    The opportunities for a 20 or 30-years-old’s death are in the company’s favor. By the moment you loathe your 60s and 70s, term is incredibly important. It’s usually lowered because of the expenses and it’s not usable because of nature issues.

    Universal Life (UL)

    This is another type of insurance. Universal life appeared in the 80s. It was formulated to assemble significant money and assist in counteracting the expense of safety. The bonus is composed of two portions. You have a security portion for the casualty help, and then there is a savings basis or a cash value part.

    The demise benefit is concealed by term insurance. It’s not the inexpensive term insurance publicized on the radio. It’s a relatively rare term insurance. You can purchase a term in increments like 10 or 20 years. In a universal life insurance, the phrase is known as an annual renewable duration.

    The opinion with UL is that you overpaid on the dividend and the abundance goes into a cash-value summary. Those budgets get collected in what’s called interest credit, based on the new interest rates at the quantity.

    The confidence was the currency value would rise and as the tax of the term insurance improved ,the cash value would enable offset those costs. If there was adequate cash value at some juncture, the income on the currency value would or hopefully help pay the premiums.

    The downside includes the cost of security. It had no lid to it. In another statement, the insurance industry could boost the term tax and the cash value would be consumed relatively soon. By the time people resigned, the cost of protection would have escalated. The cash value wouldn’t hold up with the costs.

    Now when that happens, you’re confronted with either reimbursing the dividend out of the bag (which is massive) or forfeiting everything. Many ancient duos could not pay for the elevated premiums and those strategies lapsed. There are three examples of UL:

    • Fixed universal life.
    • Variable universal life.
    • Indexed universal life.

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    Fixed Universal Life

    A fixed universal life has the income rate ridden. Each year, it’s charged an interest rate and is diversified on the established economic setting. This type of UL is deformed as the expenses overshadow even the probable profit.

    Variable Universal Life

    This type of UL takes the cash value and virtually lets you subsidize it in mutual funds labeled sub-accounts. The problem associated with variable universal life insurance is that the danger of the market is on you. If there are casualties, they immediately influence your cash value.

    Secondly, the administration fees taxes for a variable policy are awful. It’s not extraordinary to remember three to five percent each year just in payments. This can devour currency value and probable recoveries. If you possess failures and also subtract the fees and cost of insurance, many of these agreements prove to be a crisis.

    Each year, it becomes more costly. Variable UL is one of the riskiest agreements.

    Indexed Universal Life

    This one is relatively new. The main claims were published in 1997. The beliefs are nonetheless term insurance and a cash value element. There is disparity in how the money value is charged. The insurance firm seizes a quantity of the interest it reaps on its portfolio.

    It sells alternatives on an inventory like the sp500. The impression is that you can partake if the call climbs but if the need goes under, you can’t miss your fortune in variable UL. The basis that your wealth isn’t certain in the market is the purpose why your wealth shouldn’t be destroyed.

    The real difficulty with the indexed UL is the outrageous market rescue forecasts that many dealers use. You should never divulge a pattern that exhibits more than 4%, but some are utilizing 6-9%. Those recoveries are mythical and uncertain.

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    Whole Life Insurance

    Whole life is the former of all protection. It’s pushing about 200 in longevity and still going around. The largest disparity is you can occupy a whole life policy. You can expend it. The distinct difference is how the insurance is expended; with each bonus, you occupy more and more of your loss benefit.

    It’s not term safety. It’s the mere strategy that truly isn’t term insurance. The expense of insurance is more valuable than the term, and it’s the tariff you will remember your whole life. It does not give rise to short-term desires. Most whole life agreements are formulated to be occupied in some sense.

    How To Sell Life Insurance?

    How To Sell Life Insurance
    How To Sell Life Insurance

    As an envoy, you comprehend how difficult it is to defend life insurance. It’s not every day that you expect consumers walking beside you inquiring about enrolling in a life insurance program. And if the buyer did so, the probability of them being insurable is tiny or slim to none.

    To be prosperous in this enterprise, you have to labor nights and weekends. You need to be assertive in admitting your customers understand that you sell life insurance. Unfortunately, there is a huge organization of dealers out there that are spoiling the credibility of insurance agents.

    If you are a dealer and you reach a specific juncture where your client is prepared to sign, they hurl a curveball at you and say something like, “I need to think about it.” And then you never hear from them again. It’s not easy to sell life insurance policies.

    They may declare the agreement is too elegant. “Let me talk with my family” is a decent acknowledgment, but it’s usually an excuse not to acquire the agreement. These are the general reasons behind clients not purchasing life insurance:

    • Unaware.
    • Uninformed.
    • Lack of significance.
    • Lack of essential.

    Unware

    Often, there’s no rhyme or explanation as to why people are discussing life insurance. It only occurs if it transpires out of normal discussion. Many moments, clients are just ignorant of what you can equip them with. Make them realize what you propose, why you perform, and what you will achieve.

    You are expected to conclude your objective. Let them understand that you’re here not just telling them about their vehicle insurance or health insurance. You’re here to let them know about about unprecedented events.

    Perhaps there is an economic purpose that they are required to maintain. Whatever it may be, you should make them realize that you raising their consciousness.

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    Uninformed

    So many misunderstandings are out there about life insurance. Clients see life insurance as an expense and that’s just a difficult debate that life insurance agents have to propel against. The only way to dispel the misunderstanding is by inquiring them about their belief on life insurance.

    If they confess that life safety isn’t for them, give them the space to discuss more about their posture on life insurance. You can educate them after you conclude where your prospective clients presently stand.

    Lack Of Value

    Clients may see life insurance from their family standpoint but not for them. So you have to unearth the necessities of your clients.

    It’s asking a hundred questions if you need to discover and comprehend your client’s circumstance. You will be able to suggest a decent life insurance policy for them, and they will see the importance in the agreement. So create value.

    Lack Of Quickness

    Your clients don’t discern that there is an urgency to buy life insurance. No one thinks of a life insurance until a triggering incident occurs. Perhaps a family partner passes off or they’re analyzed with high blood anxiety or something along the lines which could influence their insurability.

    So what is your job as an agent to build that urgency? Let them understand that there is no way a reasonable moment than today than to obtain the policy. Or, at least go through the underwriting method to detect if they are as strong as they stare. You have to make them understand that life insurance is an instrument they need to pay for today.

  • Benefits of Key Person Life Insurance Policies

    This is a term that is so new and fresh to a number of people but key person life insurance policy is an insurance policy that provides death benefit to a business if its owner or another significant employee passes away.

    In small businesses, such key persons are normally the owners or co founders of the business. These key persons are normally those who are responsible for the majority of the major profit in the company.

    Key Person Life Insurance Policy covers very key people who are crucial to the business and without them the business is incapable of moving forward or thriving.

    The purpose of key person insurance is to help the company survive the blow of losing the person who makes the business work. When the employer purchases life insurance of these individuals then there is indeed a chance for the business to continue.

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    How does the key person life insurance work?

    The main aim of the Key Person Insurance Policy is to actually compensate the business from losses that are incurred when a key income generator is lost so that the business may continue.

    The policy is actually on the person who is key to the organization such that the organization cannot do without him or her. This person becomes the owner or the beneficiary of the insurance coverage.

    In the event that this person dies, then the company will receive death benefit which can be used to keep the business running.

    How does the key person life insurance protect a business?

    One thing to note is the fact that life insurance coverage is issued on the business key person gives the company access to funds that helps to protect and keep the business running smoothly.

    Benefits such as claim can be used as a cost that will be used for the recruitment purposes of rather for a replacement. When death of a key person takes place, especially one that is covered by the policy, the firm is guaranteed of an access to funds that will help replace any revenue that may have been lost.

    How much is enough?

    It’s very difficult to determine.  Here are some guidelines that may help:

    • Replacement Value: Coverage could equal the amount needed to recruit and train a suitable replacement.
    • Business Life Value: Coverage could equal the loss of annual earnings multiplied by the number of years the employee would have worked until retirement.
    • Multiple of Salary:  Coverage could equal the employee’s annual salary, times the number of years a newly hired replacement might take to reach a similar skill level.
    • Contribution to Profits: Coverage could equal the amount of income lost due to the loss of the key employee.

    What is the cost for key person life insurance policy?

    There are a few things to consider when determining the amount of key person life insurance to purchase.  A good business should think about how much it would cost to replace a key person in the company and how long it would take to train a new person.

    They should also be able to look at the revenue that will be lost during the replacement process and how much revenue the key person had brought in for the business.

    Your company should also consider a buyout agreement that clearly outlines what happens if the cofounder of the business dies. This serves as an agreement with the partners and shareholders.

    When you are considering the key life insurance buyout agreement then make sure that you have an agreement with your accountants and legal counsel.

    Let no one lie to you, key person life insurance is the best way to protect your business after the loss of a key person and should be strongly considered when your business is developing and growing.

    Also read : The Impact of Coronavirus On The Insurance Industry