Life insurance plays a crucial role in safeguarding your loved ones' financial future by helping you replace the income that enables you to achieve your goals.

We provide comprehensive solutions for business owners to establish a solid foundation, maintain full ownership of their business, safeguard against disabilities, support their employees, and plan for the future.

Having life insurance through your employer is undoubtedly a valuable benefit, but it's essential to consider your personal circumstances and financial goals when evaluating whether additional coverage is necessary.

Your coverage needs are dependent on various factors, including your age, financial stability, and family situation. Typically, the earlier you are in life and the more your loved ones rely on you financially, the greater coverage you require. At Caldwell Insurance Group, we offer online tools that can assist you in determining your coverage needs. 

Key person insurance, also known as key man insurance, helps protect your business against the financial impact of losing a key employee due to death, disability, or critical illness. This type of insurance can provide a financial cushion to cover recruitment costs, training expenses, and potential revenue losses during the transition period.

A business purchases a life insurance policy on its key employee, pays the policy premiums and is the beneficiary of the policy. If that person unexpectedly dies, the company receives the life insurance death benefit. The purpose of key person insurance is to help the company survive the impact of losing the person who helps make the business successful. The business can use the life insurance proceeds for expenses until it can find a replacement employee, cover the costs to find, onboard and train a replacement employee, and pay off debts. In addition, if the employee stays with the business until retirement, the policy can be transferred to the executive or insured employee by the company as an employee benefit.

Business owners should ask themselves this question: If you were to leave your current business to start a new business, who would you take with you? Think about the value each employee you have brings — whether it’s their creative genius, sales acumen, or leadership qualities — and what those characteristics are worth to the business. Those that make the most impact to the bottom line are those that you cannot lose.

When an employee leaves, businesses can often spend a large percentage of the employee's annual salary to replace them. But the only cost to the business isn’t monetary.