Tag Archives: Business Owner

Is Keyman Insurance Tax Deductible?

The most common question asked about keyman (also known a key person) life insurance is whether the premiums are a tax-deductible expense. Per U.S. Code § 7702, the answer is, unfortunately, no. A business cannot deduct premiums paid on a company-owned life insurance policy where the company is a direct or indirect beneficiary under the policy. If the policy covers […]

What is Keyman Insurance? How Does it Work?

Keyman insurance (also known as key person insurance) is a specialized use of life insurance. Businesses use it to cover the risk of losing a key employee. Keyman insurance is not a specific life insurance product. A key-person can be considered those whose role in the business is vital to its continued success. A business […]

Understanding Business Protection Planning

Often, when people hear business protection planning, they at once think of 401ks, group health plans, dental insurance coverage, and disability insurance plans. When considering the fundamental elements of business protection planning with a broader scope, you may realize several options are missing from the previously mentioned list. Often, the most critical business protection planning tools are either overlooked or misunderstood.   Businesses do not get advance notice when […]