{ "media_type": "text", "post_content": "Does anyone have life insurance on their employees?", "post_id": "61a4b28a20dcd200259103fc", "reply_count": 5, "vote_count": 1, "bowl_id": "5de71b89e674d9001a783fb1", "bowl_name": "Small Law / Solos" }

Does anyone have life insurance on their employees?

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I tried for years to get my former firm to obtain a life insurance policy on me for the firm’s benefit before I hit 40 as premiums increase every year. I was a key employee and the stated intent was that I would take over the firm someday. The owner could not wrap her brain around why a whole life policy that accrues cash value would be beneficial to the firm then or in the future. But, this is a great way to survive the sudden death of a key employee. It’s also a great way to store funds away in case a buy-out for anyone at the firm is needed later. It can be borrowed against as well. Whole life policies for the firm’s benefit are a great succession planning tool. I also asked the owner to get a policy for the firm’s benefit for her while she was still younger, too. That was also a no go. She was the only partner/owner at the time. So, the only person who would have had the ability to touch the funds would have been her. But, what do I know. I mean, I’ve talked to people who do business valuations because of the kind of work I handle for clients and taken several courses on business succession to try to figure out how to do it right, but that’s probably not relevant. If you decide to purchase policies then talk to your financial planner and CPA to figure out how to pick the right policy (limits, etc.) to maximize the investment potential.

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I have not thought about this but now I am. Thank you.

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Small firm employee here (<10 lawyers). Firm provides a very small life insurance policy of $50,000 through Cigna.

Employees’ benefit. I must have misread your question. Didn’t know that was a thing other than a “key man” policy.

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