Get the latest information about Savings Institute Bank & Trust and the work we're doing in the communities we're proud to serve.
Without proper planning, your business may die with you or the loss of a business partner, and without proper liquidity your business may face severe problems such as:
A Business Continuation Plan is the Solution
A properly designed plan may include a Buy-Sell agreement that can provide cash to buy-out a deceased owner’s share of the business, which:
How to Fund a Buy-Out
A Buy-Sell agreement, written while business owners are alive, can be funded by life insurance. The death benefit of the policy can provide the funds necessary for surviving owners to retain control, by buying out the deceased owner’s interest in the business.*
The Benefits of Using Life Insurance
Life insurance can fund different types of Buy-Sell agreements, whether it’s an:
Two Types of Life Insurance for Funding
Term Insurance - Allows you to purchase the most insurance for the least expense, for a set period of time.
Permanent Insurance - Allows access to the policy’s cash value through loans and policy withdrawals.** Permanent Insurance also has options for Paid-Up plans where you can elect to “pay-up” the policy premiums in 20 years or by the insured’s 65th birthday.
Ready to learn more? Robin Piolunek would love to help. Robin specializes in life insurance plans to help you protect your business and loved ones. With more than 18 years banking experience specializing in customer service, along with 10 years focused on life insurance, Robin will help you find the protection plan that fits your needs. She can be reached at (860) 465-8626 or by email at Robin_Piolunek@banksi.com.
*Premium payments may not be deductible. Generally, the death benefit for life insurance is received income tax-free. The death benefit may be included in gross estate for federal estate tax purposes. Consult your tax advisor for specific information on your personal tax situation.
**Access to policy account value through loans is free from current Federal taxation as long as the police remains in force. Loans and withdrawals reduce the account value and policy death benefit.
Insurance products are offered through Vantis Life Insurance Company. They are not a deposit, not FDIC-insured, not insured by any federal government agency, not guaranteed by the bank and may go down in value.