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Business-owned life insurance

Protect your business against the loss of a key person.

We’re here to help you choose the right coverage.

Why get life insurance for your business?

Make it easier to buy back shares

Use the payout to fund a buy-sell agreement if a key person passes away.

Ensure business continuity

Hire someone to replace a key person in the event of their death.

Safeguard against financial loss

Cover unexpected expenses in the event of a death and maintain a healthy business.

When it’s important to have life insurance

Life insurance can be useful at different stages of the business cycle. As well as providing protection, it can support growth because you can access the cash in certain policies.1

Startup

Make sure you can fund a buy-sell agreement in the event of a death.

Growth

Finance business projects using the money that has built up in your policy.2

Retirement

Supplement your retirement income with your policy’s cash value.

Types of life insurance

Term life insurance

Ideal if you want to:

  • Get short- to medium-term coverage for a key person
  • Set up a buy-sell agreement
  • Ensure you can cover final expenses

Permanent life insurance

Ideal if you want to:

  • Get lifetime coverage
  • Set up a buy-sell agreement
  • Accumulate cash value

Participating life insurance

Ideal if you want to:

  • Increase the value of your estate
  • Use dividends to finance business projects
  • Minimize the tax impact on passive income

Business insurability coverage

This option allows you to increase your insurance amount based on the fair market value of the business. For the first 10 years of the policy, you can increase it up to 3 times without evidence of insurability.

Get a life insurance quote for your business

Monday to Friday: 9 AM to 5 PM (Eastern Time)

1-866-838-7661 This link opens your phone app.

We can also call you when it’s convenient.

Explore our other business insurance options

Critical illness insurance for business owners

Get coverage in case of a critical illness to make sure your business can keep running smoothly.

Learn more about critical illness insurance for business owners

Group benefits

Support your employees’ physical and mental health with a group insurance plan that speaks to their needs.

Learn more about group benefits
You may be taxed on withdrawals.Certain life insurance products let you access cash during your lifetime. To find out the tax implications, contact your tax advisor.