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P.O. Box 1411 Bismarck, ND 58502-1411



May/June 2021

Is Insurance Optional?

Is Insurance Optional

Everyone hopes to live a long and healthy life. But the fact is, there are no guarantees. Would your family or business survive financially if you died suddenly or your company lost a key employee? Life insurance is designed to provide for families or businesses if the unexpected happens.

Life insurance protects your family or business by offering a cash benefit upon the death of the insured. Consider these key reasons for purchasing life insurance.

The loss of a key employee can be a devastating event for your business. Key person life insurance covers individuals who are crucial to company operations.

The proceeds can be used to:

  • Compensate the company with cash.

  • Pay off debts.

  • Buy out surviving shareholders’ interests.

  • Finance training for a new employee.

If your business has several key employees, you might save money by purchasing a first-to-die policy. The policy covers the first person to die, then remains in effect to cover another key employee. Although the policy provides coverage to several employees, the premiums reflect that only one person at a time is receiving coverage.


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