site de rencontre gratuit baie-comeau Provides a lump sum that helps protect the cash flow of your business, so that if a key person dies, is made totally and permanently disabled or suffers a major illness, the business can continue to operate at the same level of profitability until they are healthy enough to come back to work, or they are replaced.
A key person is usually a business owner or employee who is critical to the ongoing revenue, cash flow and profitability of the business, or provides capital to the business.
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The external funding of a business is usually provided based on the assumption of business continuation.
When a person who is critical to the business’s continuation dies or suffers a disablement or critical illness, creditors may become concerned about the business’s ability to repay its debts. Often where there is more than one creditor, they will be keen to ensure they recoup their funds as soon as possible, and they may even call the debt in immediately.
Control of the business continuation is then often taken away from the owners. Internal funding can also be a challenge if a disabled/ill person or a deceased’s beneficiary wants to call in any loans to the business immediately.
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It is often viewed that if you protect the business revenue, you protect the business continuation. If revenue is secure, payments of wages, operating expenses, debt repayments and other overheads can continue to be met when called upon.
Key Person Insurance for ‘Revenue Purposes’, or for ‘Debt Purposes’, will allow a business to stay on top and remain in control in a time of disruption and restructure.
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“The main reason for hardship in meeting home loan repayments is not over-commitment on the mortgage, it’s illness or injury”