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What is business life insurance?
This specific type of life insurance protects your business's finances if something unforeseen, such as a death, happens to you, your staff, or a senior stakeholder. The policy is built to provide the company with a death benefit for the amount estimated of the expected revenue loss and any additional costs needed to replace this person. Many business life insurance policies are referred to as "keyperson" insurance, but there are other policies that could also fit your needs.
Types of business life insurance policies:
- Keyperson - A person who is key to ensuring the business continues to operate smoothly; typically a CEO, CFO, Vice President, or other key operational leadership positions.
- Buy-Sell - An agreement between two or more parties that defines what happens if/when one party decides to leave the business or passes away.
- Loan Collateral - Taken out by the Insured in conjunction with a loan from a bank or other lender. The life insurance policy is being used as collateral for a business loan. The purpose of the policy is to repay the lender any amount still owed on the loan should the Insured pass away before the loan is paid off.
- Employee Benefit - These policies are taken out by small businesses who lack the ability or personnel to offer life insurance as a group benefit.
Are you looking for more information or ready to get started?
Speak with a licensed agent
Whether you have questions or are ready to get a policy, our licensed agents are available to answer questions and assist you Monday - Friday, 9:00 a.m. - 5:30 p.m. EST. Give us a call at 1-833-341-0790.
Apply online
Applying for life insurance is easy with our digital application – you can begin the process from the comfort of your living room. Get started by filling out the quote on this page, then proceed to our digital application.
Business life insurance policies are best for...
Business continuity in the event someone is no longer there
Protecting key employees for new and existing businesses
Using as collateral for a loan to start your business
A small business hoping to attract and keep valuable employees
Why should you consider Legal & General America for your business life insurance needs?
At Legal & General America, we keep our customers' needs at the forefront of our life insurance offerings. We have an A+ rating from AM Best* for superior financial strength, which is crucial as you want to make sure you place your business's financial protection with a trustworthy and reputable company.
One of the biggest advantages of choosing Legal & General America is our term life insurance because it's affordable. The cost for coverage is different for everyone, but you may be able to get term life insurance for as little as $18 a month. How much your life insurance costs will depend on how much coverage you want, how long you need it for, and things like your age and health history.
You can also lock in one price that is guaranteed to remain the same throughout your selected term. This means that if you are young and in good health, you can secure a lower rate and know that it won't change in the next 15, 20, 30, or even 40 years. Your coverage is just as reliable as the company that provides it. Legal & General America brings over 70 years of industry experience to the table.
Our competitive rates offer some of the most affordable life insurance policies available**:
| 10 years: $52 per month, $601 per year | 30 years: $146 per month, $1,708 per year |
| 15 years: $64 per month, $745 per year | 35 years: $184 per month, $2,158 per year |
| 20 years: $85 per month, $994 per year | 40 years: $365 per month, $4,286 per year |
| 25 years: $121 per month, $1,413 per year |
Life insurance is one of the keys to protecting your family financially. Use this worksheet to help determine the amount of coverage you need.