To Help Preserve and Protect: Advisors’ Mantra for Business Owners
New advisor tool calculates key person life insurance needs
June 8, 2011 (Des Moines, Iowa) – Business protection tops the list of priorities according to a recent study of business owners conducted by Harris Interactive for the Principal Financial Group®. Business owners want and need a strategy to help preserve and protect their business, but many question how much protection they need.
A new calculator from The Principal® gives advisors a simple way to show business owners how much key person life insurance they need to help protect their business in case of death or termination of key employees.
“Often the most valuable assets for a business are the key people who contribute most to its success, yet nearly two-thirds of business owners we surveyed do not have any plans in place to protect their business against the loss of these employees,” said Steve Parrish, national advanced solutions consultant for The Principal®. “With our calculator, advisors have a tremendous opportunity to show their business owner customers how much protection they need.”
Key person insurance is a simple, effective way to indemnify a business for the loss of their most valued employees. Through the key person calculator, advisors project a range of estimated key employee coverage needs based on each owners’ individual situation. With one calculation, the owner can quantify multiple business protection needs.
In addition to the calculator, The Principal has a number of tools available to help advisors work with their business owner clients. The latest business owner (PDF: 515 KB) research provides insights and strategies for advisors working in this market.
For more news and insights from The Principal, connect with us on Twitter at: http://twitter.com/ThePrincipal.
About the Principal Financial Group
The Principal Financial Group® (The Principal®) is a retirement and global asset management leader. The Principal offers businesses, individuals and institutional clients a wide range of financial products and services, including retirement, investment services and insurance through its diverse family of financial services companies. A member of the FORTUNE 500®, the Principal Financial Group has $327.4 billion in assets under management and serves some 16.4 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG.
- Survey of 511 business owners, conducted online by Harris Interactive, July/August 2010.
- “The Principal Financial Group” and “The Principal” are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
- As of March 31, 2011.