Life Insurance & Strategic Planning
Life insurance is a key part of any financial plan. If used properly, life insurance can prevent your company from being financially devastated in the event of your premature death. At Red Rock Financial Group, we have access to more than one hundred of the industry’s top carriers making our product portfolio extremely competitive. Our plans include flexible options such as large death benefits, rapid cash accumulation potential, and low-cost benefits; we can help you build a solid foundation based on your financial goals.
How Does It Work?
Life insurance is an agreement between you and the insurance company. You pay a premium, either up front or in set intervals, to the insurance company. In return, the company agrees to pay out a sum of money to the policy’s beneficiary in the event of your death.
How Is It Used In Business?
Life insurance plays a key role in financial management, protecting your business, and retirement planning. Like many financial products, life insurance can be added to your employee benefits package to increase your company’s appeal as well as retain your best employees. The death benefit associated with your policy can be used to fund your business when you die. It can also be used to fund the transfer of your ownership to a partner or other entity as part of your succession plan. By adding benefits such as supplemental retirement income, you can improve the quality of your retirement after your job is done.
What Are The Different Type of Life Insurance?
There are many different types of policies and each policy has a number of optional benefits; below is a list of some of the options that are available to you.
| Policy Type | Description |
| Term Life | Arguably the most basic policy, term life provides a guaranteed death benefit in exchange for a premium. The policy is only good for a set period of time and is generally the lowest cost form of life insurance. |
| Universal Life (UL) | UL provides a death benefit for your entire life. In addition, it is flexible depending on your financial situation. For instance, you can increase or decrease you death benefit and/or vary your premiums while the policy is in force. |
| Variable Universal Life | This is a policy with a flexible premium and coverage that combines a death benefit and the option to place a portion of your premiums into the Guaranteed Principal Account which has the potential to appreciate in value. |
| Executive Group Life Insurance (EGL) | EGL is life insurance that is paid for by an employer and offered to a group of the company’s executives or employees. |
| Corporate/Bank Owned Life Insurance | This is a form of life insurance that is purchased and owned by your company. These policies are generally used to fund deferred compensation plans, employee benefit programs, and/or fund the company in the event of your death. |
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One of our professional agents can provide you with a custom tailored life insurance package for your company. Click HERE to speak with a professional about how life insurance can help your company achieve its financial goals.
