Business Uses of Life Insurance? : Business Uses of Life Insurance? Presented April 9, 2009
Guest Expert: Becky Hanna, Genworth Financial
Facilitator: Terry Williams, USWCC
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Slide 8 :
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Rebecca S. Hanna : Rebecca S. Hanna Rebecca S. Hanna, JD, CLU, ChFC, RHU, Genworth Financial
Rebecca joined GE Financial, now Genworth Financial, in Lynchburg, Virginia, as Vice President of Advanced Marketing for the Independent Brokerage Group, in April 2001. In January of 2003 she assumed the lead for Advanced Marketing support across Genworth, increasing her responsibilities to include support to career agents, banks, wirehouses and independent broker dealers. She is also responsible for the development of sales and marketing materials supporting product sales in the middle and emerging affluent markets. Rebecca began her insurance career in 1978 as a career agent for the Mutual of Omaha companies and held several positions in both the home office and the field. She joined the Advanced Marketing Department at Mutual of Omaha in 1985 and later moved to Prudential. From 1997 until joining Genworth, she served as advanced Marketing Officer and Life Product Manager at Berkshire Life Insurance Company. She is a graduate of Wagner College, Staten Island, NY, with a Bachelor Degree in Sociology, and received her Juris Doctorate from the University of Denver, College of Law.
What is Life Insurance? : What is Life Insurance? Life insurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's or individuals‘ death or other event, such as terminal illness or critical illness.
In return, the policy owner agrees to pay a stipulated amount called a premium at regular intervals or in lump sums.
Who Can Purchase Life Insurance? : Who Can Purchase Life Insurance? Insurable Interest
The principle of insurable interest on life insurance is that a person or organization can obtain an insurance policy on the life of another person if the person or organization obtaining the insurance values the life of the insured more than the amount of the policy.
In this way, insurance can compensate for loss. A company may have an insurable interest in a President/CEO or other employee with special knowledge and skills. A creditor has an insurable interest in the life of a debtor, up to the amount of the loan. A person who is financially dependent on a second person has an insurable interest in the life of that second person.
Business Uses of Life Insurance : Business Uses of Life Insurance Business Continuity
What is a Business Continuity Plan?
Why should business owners have a Business Continuity Plan?
Business Uses of Life Insurance : Business Uses of Life Insurance Buy-Sell Agreement
An agreement to purchase the survivor’s share of the business
Business Uses of Life Insurance : Business Uses of Life Insurance Funding Options
Cash, borrow, installment purchase, life insurance
Business Uses of Life Insurance : Business Uses of Life Insurance Key Person Life Insurance
Key employees are responsible for the company’s success and help drive growth
Potential loss to the company
Business is the beneficiary
Insurance is used to offset lost profits associated with the death of the key person, settle business debts and/or recruit, hire and train a replacement
Business Uses of Life Insurance : Business Uses of Life Insurance Other Uses?
Are there other uses of life insurance within a business?
Questions? : Questions?
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