Category: Articles

The ABCs of Life Insurance for Business Owners

Imagine this: your business partner passes away unexpectedly. Overnight, you’re not just grieving, you’re also faced with running the company alongside their spouse, who now owns half the business but has no desire (or ability) to be involved.

Clients get nervous. Employees worry about their future. And you’re left scrambling to find the money to buy out the family’s share and that money isn’t readily available.

It’s the kind of scenario that unravels even the strongest companies. But with the right planning, it doesn’t have to. That’s where life insurance comes in. Life insurance isn’t just as a personal safety net, but can also be one of the most effective tools for business continuity.

At Summit Legacy, we like to think of it in terms of the ABCs

The Right Beneficiary Can Make, or Break, Your Plan

It’s one of the simplest forms in planning, and yet one of the most overlooked.
A life insurance beneficiary designation might seem like a straightforward detail. A name, a relationship, a signature. Done.
But that signature can carry more legal weight than your will. More practical consequence than your trust. And when it’s wrong, or missing, the ripple effects can be devastating.

But permanent life insurance can also serve another purpose – creating a source of accessible cash during your lifetime. For those with long-term planning goals, this built-in flexibility can offer significant advantages, particularly when it’s structured and managed with care.

More Than a Death Benefit: How Life Insurance Can Offer Cash Value Access While You’re Living

When most people think about life insurance, they think about what it provides after they’re gone. And for good reason. Life insurance plays a critical role in protecting loved ones, funding estate strategies, or providing continuity in a business.

But permanent life insurance can also serve another purpose – creating a source of accessible cash during your lifetime. For those with long-term planning goals, this built-in flexibility can offer significant advantages, particularly when it’s structured and managed with care.

Behind the Curtain: What Life Insurance Underwriting Really Involves (And Why the Right Broker Makes All the Difference)

Life insurance underwriting isn’t exactly cocktail party conversation. Most people don’t give it a second thought until they’re deep in the application process, when questions start piling up, forms start flying, and the process can feel a bit like being on trial.
And even when we do think about our financial future, how often does that discussion include life insurance policies that were previously purchased and are in effect?  

Unlocking the True Value of Life Insurance: Understanding Internal Rate of Return (IRR)

As the new year begins, it’s natural to think about resolutions. Many of us set goals for health, relationships, and careers, but how often do we prioritize our financial health?

And even when we do think about our financial future, how often does that discussion include life insurance policies that were previously purchased and are in effect?  

Why Every Closely-Held Business Needs a Properly Funded Buy-Sell Agreement

As the new year begins, it’s natural to think about resolutions. Many of us set goals for health, relationships, and careers, but how often do we prioritize our financial health?

And even when we do think about our financial future, how often does that discussion include life insurance policies that were previously purchased and are in effect?  

Start the New Year Right: Have Your Life Insurance Policies Reviewed

As the new year begins, it’s natural to think about resolutions. Many of us set goals for health, relationships, and careers, but how often do we prioritize our financial health?

And even when we do think about our financial future, how often does that discussion include life insurance policies that were previously purchased and are in effect?  

Long-Term Care: Why Planning Matters

life-long-term-care-disability-insurance

Did you know that 70% of Americans aged 65 or older will require some form of long-term care during their lifetime?

This statistic highlights the widespread need for care, whether it’s in-home assistance, an assisted living facility, or a nursing home. Yet many families are caught unprepared, both emotionally and financially, when the need arises.