Business Succession Planning

Business Succession Planning
Building a successful business requires dedication, commitment, and hard work. Once a company is established, business succession or business continuation planning becomes an essential component of assuring a smooth transition in the management or ownership of the business, and its continued success.
Business succession planning addresses all potential contingencies that may affect a business or business owner including retirement, sale of a business interest, disability or death. With prudent planning, a business can ensure that funds will be available to provide flexibility in the event of retirement, disability or death of a shareholder, or sale of a business owner’s interest. StateTrust Life and Annuities provides several life insurance products that can be tailored to a business succession planning strategy. Our life insurance products include:
Product Name Product Type Description
Lighthouse Term Life This product offers coverage using level premiums for the duration of the policy. It does not have an investment component, and as such, it offers the insured amount at the lowest possible cost.
Sentinel Term Life with Return of Premium This product offers coverage using level premiums for the duration of the policy. The policy will not only provide for the business in case of an untimely death, but in addition, it will reimburse all the premiums paid at the end of the insured period.
Legacy Universal Variable Life This is a policy that combines variable and universal life insurance. This is a popular insurance product because it provides the flexibility for policyholders to invest with insurance coverage. Our policy provides exposure to the world’s top capital markets, and can be tailored to fund buy-sell agreements or partnership buyouts.
Compass Index Universal Index Life This policy gives insurance coverage to the business, as well as the opportunity to allocate investments in the S&P 500 Index; with a minimum guaranteed return of 0% every 24 months (principal protection), and a 70% participation in the growth of the Index.
Heritage Universal Life A policy with a minimum guaranteed yearly return that avoids capital loss. The policy offers permanent coverage while accumulating savings that can be used by the business during the life of the policy. The savings can be obtained through loans and partial or total surrenders.
Alliance Whole Life This policy offers level premiums and life insurance protection to fund a buy-sell agreement or a partnership buyout for as long as your business needs it, provided that premiums are paid as required to keep the policy in force. The insurance component pays a stated amount upon death of the insured.