Leave Something To Protect Your Family and Business

Life insurance is typically spoken about in the realm of protecting
your family household income, but not mentioned as much in business. We’d say it
is a critical component that businesses often overlook so we look to help bridge the
gap and shore up vulnerabilities. We know that well protected businesses thrive
under adversity, so we provide the strategies and tools that allow our clients to win
in all circumstances.

Life Insurance Solutions That Protect Employees

Key person insurance is simply life insurance on the key person in a business. In a small
business, this is usually the owner, the founders and perhaps a few highly coveted. They are
crucial to a business–the ones whose absence would tank the company. You should consider
implementing a key person life insurance policy on the people drive the success of your
company.

How Does it work?
Essentially what happens is this. A company purchases a life insurance policy on its key
employee(s), pays the premiums and is the business in named as the beneficiary of the policy. If
an insured person unexpectedly passes away, the company receives a tax-free death benefit equal to the policy coverage. The purpose of key person insurance is to help the company survive the setback that occurs when losing the person who is responsible for keeping the business operational. Small businesses often cannot afford to lose the major revenue producer, the subject matter expert or the director of operations. Hence the importance of life insurance coverage.

The Benefit
The company can use the insurance policy proceeds to cover a loss in revenue or operations until it can find a replacement person. Policies can additionally pay off debts, distribute money to investors, pay severance to employees and close the business down in an orderly manner. In a tragic situation, key person insurance does give a company a viable alternative to filing for
bankruptcy.

Insurance Solutions For Your Business

Group Insurance Options For Employees All Employees

Employers trying to entice workers to remain loyal may want to focus their efforts on providing benefits which are simply too good to surrender. The overall goal is to keep your employee happy and keep them focused on being productive in your company, not someone else’s. You don’t necessarily have to throw more dollars toward benefits. By being creative, you may be able to offer more coverage for a lower cost. 

Life Insurance Options

Accident Insurance

• Short-Term Disability provides income replacement for injuries or illnesses that result in a temporarily losing the ability to work. An employee and executives can receive up to 60% of their regular income (including commissions & bonuses). Typically benefits generally provides coverage for several week up but not exceeding 1 whole year.

Key Employee Insurance

• Short-Term Disability provides income replacement for injuries or illnesses that result in a temporarily losing the ability to work. An employee and executives can receive up to 60% of their regular income (including commissions & bonuses). Typically benefits generally provides coverage for several week up but not exceeding 1 whole year.

Term Insurance

Serious illnesses and injuries can cause dramatic changes in health and result in long recovery times plus the loss of the ability to work entirely. Supplemental income may need to be established for several years in some cases.

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Whole Life Insurance

Another form of short term disability insurance that allows employees to take time off from work to care for a new child and not miss out on income while away from work.

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customer success stories

  • 5 star review  Bryon Jennings, President of NG Payroll A brilliant mind... pay close attention to him in this decade. You will want to know him— if you want your business to grow. Bryon and his team create and layout responsive marketing strategies for your company, they take the time to educate you and communicate with you along the way. They are pure genius and a lot of fun to work with. AC Fields VP, IT-Henhouse

    thumb Ann Fields
    9/01/2020
  • 5 star review  Next Generation Payroll is an excellent and professional financial company. The President, Byron Jennings offers more than payroll services, and his assistance extends to financial planning, financial management, growing businesses, investments, and more. He is patient, kind spirited, informative, knowledgeable, and ahead in technology and ideas. Next Generation Payroll prices for it's services beat out all other competitors. You won't leave with unanswered questions or uneasiness in doing business with this great company.

    thumb Raquel Jones
    3/15/2017
  • 5 star review  I’ve been working with Next Generation Payroll for about a month now and I must say this a great company. They are Convenient, Reliable, and Affordable. This company will go above and beyond to make sure your business is moving forward in the right direction! I was always told if you want your business to grow invest in it and I must say Next Generation Payroll has been a great investment for me!!

    thumb On the go Labs
    6/25/2019
  • 5 star review  Bryon Jennings gives wonderful, personalized service! He has lots of ideas for helping my business grow and lots of contacts to help connect the dots. He's the only businessperson I know of who keeps the same crazy hours as I do. Next Generation Payroll is delivering the kind of service that I was promised by larger competitors who fell short of my expectations. I'm so happy to have Bryon and Next Generation on my team.

    thumb Brenda Laurent
    1/03/2018

Knowledge is Power

Get informed with insights and resources from NexGen Payroll.

Preparing HR for Future Health Crises
Minimum Wage and Texas Employment Laws
Outsourcing COBRA Administration
Independent Contractor or Employee Guidelines
DOL Guidance on COVID-19 Relief for Employee Benefit Plans
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