You Built Something Incredible. Don't Let It Die with You.
Your business is your legacy — for your family, your employees, and your community. Life insurance ensures it survives and thrives, even if you can't be there to run it.
Your Business Is Your Legacy. Protect It.
Key person, buy-sell, and personal coverage — 60-second quote.
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Four Types of Coverage Every Business Owner Needs
Most business owners only think about personal life insurance. But your business has its own insurance needs:
Key Person Insurance
Protects your business if a critical employee, partner, or founder dies. The death benefit covers lost revenue, hiring costs, and business continuity during the transition.
Buy-Sell Agreement Funding
Funds a buy-sell agreement between business partners. If one partner dies, the life insurance proceeds allow the surviving partner(s) to buy out the deceased partner's share — preventing the family from inheriting a business stake they don't want.
Business Loan Protection
Covers outstanding business loans, lines of credit, and SBA loans. If you die, the business can continue operating without the burden of debt repayment.
Personal Coverage for Business Owners
Protects your family's income and lifestyle. As a business owner, your family depends on your business income — which stops if you die. Personal life insurance replaces that income.
What Happens to Your Business Without Life Insurance
Business Loans Called Due
Lenders may demand immediate repayment of business loans, forcing liquidation.
Partners Can't Buy You Out
Without funded buy-sell, your family inherits a business stake they can't manage or sell easily.
Key Employees Leave
Without leadership and financial stability, your best people will find other jobs.
Revenue Drops Immediately
If you're the face of the business, client relationships and revenue suffer instantly.
Family Gets Nothing
Business debts may consume all assets, leaving your family with nothing from your life's work.
Your Legacy Disappears
The business you spent years building could close within months of your death.
How Much Coverage Do Business Owners Need?
Personal coverage
10-15x annual income from business
$150K income = $1.5M–$2.25M
Key person insurance
5-10x key person's compensation
$200K salary = $1M–$2M
Buy-sell funding
Equal to your ownership value
$500K business value = $500K per partner
Business debt coverage
Total outstanding business loans
$300K SBA loan = $300K
Same Price Direct or Through Us — But We Save You Time
As a business owner, your time is your most valuable asset. Life insurance premiums are identical whether you buy direct or through a broker. But instead of spending hours comparing carriers yourself, we do it in minutes — comparing 48++ carriers to find the best rates for both your personal and business coverage needs.
Resources for Business Owners
Coverage Calculator
Calculate personal + business needs
Term vs. Whole Life
Which type for which business need?
IUL for Business Owners
Tax-advantaged cash value growth
Best Companies 2026
Top carriers for business coverage
Estate Planning Guide
Protect your business legacy
Complete Guide
Everything you need to know
Business Owner Life Insurance FAQ
Do business owners need more life insurance than employees?
Yes, typically. Business owners need personal coverage for their family PLUS business coverage for key person, buy-sell agreements, and business debt. The total coverage need is often 2-3x what a similarly-paid employee would need.
Can my business pay for my life insurance?
Yes. Businesses can purchase and pay premiums on key person insurance and buy-sell agreement policies. The premiums are not tax-deductible, but the death benefit is generally received tax-free by the business. For personal coverage, you can take a larger salary or distribution to cover the premiums.
What is a buy-sell agreement and why do I need one?
A buy-sell agreement is a legal contract between business partners that specifies what happens to each partner's share if they die, become disabled, or leave the business. Life insurance funds the agreement so the surviving partner(s) can buy out the deceased partner's share without draining business cash flow.
How much key person insurance do I need?
The general rule is 5-10x the key person's annual compensation, plus the estimated cost of finding and training a replacement. For a founder or CEO, the coverage amount may need to be higher to account for the full business impact.
Is term or whole life better for business owners?
It depends on the purpose. Term life is ideal for business loans (match the loan term) and temporary key person needs. Whole life or universal life is better for buy-sell agreements (permanent need) and estate planning. Many business owners use a combination of both.
What happens to my business if I die without life insurance?
Without life insurance: your family may inherit a business they can't run, your partners may not be able to buy out your share, business loans may be called due, key employees may leave, and the business could fail — destroying both your family's income and your legacy.
Protect Your Business, Your Family, and Your Legacy
Get a comprehensive quote covering personal, key person, and buy-sell coverage — all from one place.
Don't Let Your Life's Work Die With You
Protect your partners, your employees, and your family — all in one place.
What brings you here today?
By submitting this form, you agree to be contacted by a licensed insurance advisor via phone, email, or text message. Standard messaging rates may apply. You may opt out at any time. Your information is protected and never sold or shared with third parties. See our Privacy Policy.
Important Disclosure
This content is for informational purposes only and does not constitute financial, tax, legal, or insurance advice. Individual circumstances vary. Consult with a licensed insurance professional or financial advisor before making any insurance or financial decisions. Policy features, benefits, and availability may vary by state and carrier.
Sources & References
- NAIC Consumer Guide to Life Insurance(Accessed Feb 2025)
- 2024 Insurance Barometer Study — LIMRA & Life Happens(Accessed Feb 2025)
- IRS Publication 525 — Taxable and Nontaxable Income(Accessed Feb 2025)
All sources cited are publicly available and were verified at the time of publication. Evolve Legacy Group is committed to providing accurate, up-to-date information. See our Editorial Standards for more information.