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