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We offer the following services for business owners:
We offer many different forms of life insurance for business owners. Life insurance can be used to pay debt, loans, insure a key employee, fund a buyout or buy/sell agreement to make sure the business owners family is taking care of. You can read up on the different types of business owners life insurance below.
Term life insurance has long been the financial product to which businesses, families and individuals have turned when they need large amounts of life insurance coverage at a minimal initial expense. Term life insurance provides coverage for a period of time, most common coverage periods are for 10, 20, and 30 years. Because it is “pure” insurance coverage –there is no buildup of cash value – term life insurance may be an ideal way to meet current, and often critical, insurance needs at affordable rates. This can be especially true for young families or new businesses just starting out. Lots of policies offer a built-in conversion feature and this is why term life insurance is often used as a stepping – stone to a permanent plan. Before purchasing this type of coverage, however, be sure that the term policy – and the company you select – can protect your options for both the short and long duration.
Indexed universal life is a form of universal life insurance and is considered to be one of the most flexible types of life insurance (4). This flexibility allows you to adjust the amount of your policy coverage, (also called the face) amount, and the premiums you pay. You also have the potential to build cash value in your policy and if enough value accumulates, you may even be able to stop paying premiums (6). Or, you can continue to pay additional premiums to accumulate even more cash value that you can access through policy loans and withdrawals later in life. Indexed Universal life polices can offer:
What would happen to your business if your most important employee/employees died? Would your business be ok? How long would it take you to train and replace your most important employees? Key man insurance may be the solution to this problem.
Benefits Include:
Many businesses may go out of business following one of these events and the families of these business owners may be left unprotected and in a bad place. A business succession strategy using a properly structured buy-sell agreement can help you protect your family and your business. Life insurance is one of the lease expensive and easiest ways to fund this agreement.
A buy-sell agreement may:
How would you like a tax-advantaged strategy that allows you to...
Benefits to Business
Premium financing is for high net worth individuals or businesses with a large life insurance need but who would rather not use existing cash flow or assets to purchase it. This strategy may be suitable for individuals and or business owners that have a net worth in excess of 5 million. This is a complex strategy. For more information, we can work with you and your tax and legal advisors to see if this strategy would be suitable for you.
7215 Bosque Boulevard, Suite 104, Waco, Texas 76710, United States
Mon | 09:00 am – 05:00 pm | |
Tue | 09:00 am – 05:00 pm | |
Wed | 09:00 am – 05:00 pm | |
Thu | 09:00 am – 05:00 pm | |
Fri | 09:00 am – 05:00 pm | |
Sat | Closed | |
Sun | Closed |
1 Assuming no withdrawals during the withdrawal charge period. Rider charges continue to be deducted regardless of whether interest is credited. Unlike traditional fixed annuities, the policy owner of a fixed indexed annuity may receive zero interest for a single period on a specific premium payment if the index performs poorly. However, with most designs, the premiums are protected and guaranteed to grow over time, and the owner of a fixed indexed annuity may experience better interest crediting than a traditional fixed annuity during periods when the market performs well. Indexed annuities do not directly participate in any stock or equity investments. An investment cannot be made directly into an index. Most FIAs permit owners to participate in only a stated percentage of an increase in an index, and also impose a “cap rate” that represents the maximum annual account value percentage increase allowed to contract owners. Annuities have surrender charges that are assessed during the early years of the contract if the contract owner surrenders the annuity. In addition, withdrawals prior to age 59 ½ may be subject to a 10% Federal Tax Penalty. The guarantees of annuity contracts are contingent on the claims-paying ability of the issuing insurance company. Back to top of page
2 Living benefits are provided by no-additional premium accelerated benefit riders. Payment of Accelerated Benefits will reduce the Cash Value and Death Benefit otherwise payable under the policy. Receipt of Accelerated Benefits may be a taxable event, may affect your eligibility for public assistance programs, and may reduce or eliminate other policy and rider benefits. Please consult your personal tax advisor to determine the tax status of any benefits paid under this rider and with social service agencies concerning how receipt of such a payment will affect you. Riders are supplemental benefits that can be added to a life insurance policy and are not suitable unless you also have a need for life insurance. Riders are optional, may require additional premium and may not be available in all states or on all products. This is not a solicitation of any specific insurance policy. Back to top of page
3 The use of cash value life insurance to provide a tax-free resource for retirement assumes that there is first a need for the death benefit protection. The ability of a life insurance contract to accumulate sufficient cash value to help meet accumulation goals will be dependent upon the amount of extra premium paid into the policy, and the performance of the policy, and is not guaranteed. Policy loans and withdrawals reduce the policy’s cash value and death benefit and may result in a taxable event. Withdrawals up to the basis paid into the contract and loans thereafter will not create an immediate taxable event, but substantial tax ramifications could result upon contract lapse or surrender. Surrender charges may reduce the policy's cash value in early years. Back to top of page
4 It is possible that coverage will expire when either no premiums are paid following the initial premium, or subsequent premiums are insufficient to continue coverage.
5 The 0% “floor” provided by an indexed universal life insurance policy ensures that during crediting periods where the index is negative, that no less than 0% interest is credited to the index strategy. However, monthly deductions continue to be taken from the account value, including a monthly policy fee, monthly expense charge, cost of insurance charge, and applicable rider charges, regardless of interest crediting.
6 The ability to internally fund a life insurance contract will be dependent upon the performance of the contract. Using policy values and benefits to pay the premium due will reduce the policy’s cash value and death benefit. If policy values are insufficient to pay the premium, additional out-of-pocket payments may be needed to keep the policy inforce.
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