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Life insurance for business owners
Protect the business — and the people who depend on it — from the loss of a key person.
When you own a business, your life insurance needs go beyond your family. A policy can protect against the loss of a key person, help fund a buy-sell agreement between partners, and keep the business steady through a difficult transition. These needs can be more complex, so they're worth reviewing with a licensed agent.
Who it may fit
- Owners protecting against the loss of a key person
- Partners funding a buy-sell agreement
- Covering business debts or loans you've personally guaranteed
- Owners who also need personal and family coverage
Coverage considerations
- Key person and buy-sell needs are more complex than personal coverage — a licensed agent, and sometimes an attorney or accountant, should weigh in.
- The right structure depends on your business type, ownership, and goals.
- Many owners hold both business-purpose and personal/family coverage.
- This is general information, not legal, tax, or financial advice.
What to have ready before you apply
- Basic details about your business and ownership structure
- Your date of birth and general health information
- An idea of the coverage purpose (key person, buy-sell, personal)
- Any business debts you've personally guaranteed
Common questions
What is key person insurance?
A policy the business owns on an owner or essential employee, so the business receives funds to weather the loss of that person. A licensed agent can help you size and structure it.
Can life insurance fund a buy-sell agreement?
Yes — it's a common way to make sure surviving owners can buy out a deceased partner's share. The structure matters, so review it with a licensed agent and, often, an attorney.
See what coverage may fit.
Estimate your need, then start a quick quote — no obligation, and approval is never guaranteed.
Keep exploring
Seven16 Life provides general information to help you explore life insurance options. This is not financial, legal, or tax advice.
Coverage is subject to eligibility, the application, and underwriting. Not everyone will qualify, and approval is never guaranteed.
Products and availability may vary and may not be offered in all states.
Coverage is provided and underwritten by licensed insurance providers. Seven16 Life may refer or connect you with licensed providers or partners where appropriate.
Reviewed by Ronnie Dale O'Dell, licensed insurance producer · CA License #0D81935 · NPN 7488011.