Help Your Clients Get the Business Protection They Need
Protecting their business is important to business owners. You have a solution.
Business protection is the No. 1 priority of business owners according to the 2021 Principal® Business Owner Survey.1 Key person insurance is a simple and effective way for businesses to help protect against the loss of a key employee or business owner due to death or disability. If the unexpected does happen, the business receives funds—generally income tax free2 —to recruit, train, recover from lost income, or overcome whatever financial challenges are left behind.
Getting started is easy
As a leader in the business market, we provide the resources and support you need to offer business protection solutions to your clients with confidence and trust.
Deliver custom proposals with our key person calculator. Run key person term life insurance, Key Person Replacement disability insurance, or a combination of both—and show your clients how key person insurance works, the estimated coverage needed, and approximate cost. principal.com/keypersoncalc
Consult with case design and sales support professionals. In addition to your dedicated wholesaling team, you have ready-access to the expertise of our Business and Advanced Solutions team comprised of experienced attorneys, certified public accountants (CPAs), and business case design specialists for your advanced case design needs.
Offer the Preferred Business Owner discount. Don’t forget your clients can qualify for a 5% discount when they purchase Disability Buy-Out3 insurance in combination with other individual disability insurance products—and now life insurance products (effective immediately)—such as key person term insurance.
Additional Resources
Sample key person calculator proposals:
1 2021 Principal Financial Group® Business Owner Survey, conducted by Dynata.
2 If the requirements of the Internal Revenue Code Section 101(j) are not met, death proceeds from employer-owned life insurance contracts may be taxable as ordinary income in excess of cost basis. For Key Person Replacement disability insurance (based on current federal income tax laws), if insurance premiums are paid with after-tax dollars, the benefits are received income tax free.
3 Not approved in all states, go to: principal.com/distateapprovals for more information.