Business Life Insurance
Let Business Life Insurance Protect What You’ve Built
Western Financial Group is an award-winning brokerage. Our insurance experts will make sure that you get the right business life insurance for your needs.
Do you want life insurance to be less complicated?
We do the insurance shopping for you. We work with Canada’s leading insurance partners to get you the right business life insurance coverage at the right value.
What is life insurance for business owners?
Business Life Insurance provides a one-time, tax-free payout for your business if you, your business partner, or key employees die. Make life insurance part of your business plan.
Two main types of business life insurance: Term life insurance and permanent life insurance.
Term life insurance: Provides protection over a set number of years.
Permanent life insurance: Provides long-term protection.
How can business life insurance protect you:
- Protects the business owner’s family from having to pay any debts or loans if the policy holder dies
- Offers an increasing cash value which the business owner(s) can use as leverage to get loans to grow their business
- Provides a tax-free payment if the business owner, partner, or key employee dies
- Helps pay for your business’s debts, like a mortgage or other loans.
Why choose Western?
We will get you the right business life insurance. It’s simple, fast, and affordable. Get an online quote, a text, email, or phone call. Choose what works for you.
FAQs
What is life insurance for business owners?
Business Life Insurance provides a one-time, tax-free payout for your business if you, your business partner, or key employees die. Make life insurance part of your business plan.
What business life insurance can I get as business owner in Canada?
Term life insurance and permanent life insurance.
How can life insurance protect me in Canada?
Protects the business owner’s family from having to pay any debts or loans if the policy holder dies.
Can a business life insurance policy be used to fund a buy-sell agreement?
Yes. It’s a common method to ensure that if a partner dies, the surviving partners have the funds to buy the deceased's share, avoiding disruption or disputes.
What happens to the policy if the insured leaves the company?
If the business owns the policy, it may cancel it or transfer it. In some cases, it may be converted to a personal policy (depending on the type and terms).
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