Understand first.
Recommend with purpose.
A useful insurance plan starts with the company’s priorities, then considers how coverage could address them.
Four steps, in order
Define the planning need
Discuss the business, the people it depends on, existing coverage, and the obligations you want to address. Establish the relevant jurisdiction before discussing advice or placement.
Review the structure and tradeoffs
Consider ownership, beneficiaries, coverage duration, premiums, exclusions, and the difference between guaranteed and illustrated values. Any recommendation must reflect a documented needs assessment.
Coordinate implementation
Where coverage is appropriate, the application proceeds through the insurer’s underwriting process. Legal and tax questions remain with qualified professionals. Coverage begins only when the insurer’s requirements for putting the policy in force have been met.
Review as the business changes
Ownership changes, growth, debt, and new responsibilities may warrant a review. Confirm the ongoing service arrangement with your advisor.
Many of the conversations this planning depends on, who’s key to the business, how ownership should transition, what obligations exist, happen between leaders before a policy is ever discussed.
Ready for the first conversation?
Step one is understanding the business, not choosing a product.