Check Your Business Life Insurance Policy Annually

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Allied Insurance recognizes and expects changes in the economy, but the uncertainty of those changes calls us to be vigilant in our business continuation plans. The ability to recover quickly after an unexpected event starts with building a policy tailored to your business’s circumstances. An annual policy review is a simple way to review your coverage and identify needs.

Life insurance has long been valuable in the business market, and permanent policies can be even more beneficial in uncertain times:

  • Guaranteed cash values can help buffer against an economic crisis, keeping a company afloat in an emergency.
  • Policy loans are not dependent on credit history, and repayments can be scheduled on favorable terms.
  • Death benefits from a key employee’s policy may be used to purchase that individual’s share in the company, ensuring stability for the business.

Over the past few years, the impacts of COVID-19 have dramatically altered the business landscape. Companies with high-demand products, such as personal protective equipment, hand sanitizer, and masks, have seen their profits and net worth soar while others, like restaurants, struggle. Death benefits from life insurance are more important than ever in planning for the succession of a business in the event of a premature death of an owner or key employee.

Here are two steps you can take when reviewing your coverage:

  1. Look for and analyze any significant changes since the last review.
    • Business valuation changes, primarily for businesses where valuation may include multiple earnings. If earnings are dramatically higher, more insurance may be needed so surviving business owners can purchase the decedent’s interest.
    • Changes in ownership percentages for any owners. These updates may require realignment of coverages. Recent mergers or acquisitions could also require additional insurance or a transfer of existing insurance.
    • Changes in the family situation of any owner, including divorce, death, disability, or medical conditions. This includes circumstances affecting both the owner and his or her family members.
    • Changes in key employees, such as departing or retiring employees. Should an incentive program be designed to attract or retain key employees?
  1. Ask about current life insurance coverages:
    • Are current policies performing as expected? Lower credited interest rates, reduced dividend schedules, or a change to guaranteed insurance charges could put policies in peril, especially universal life coverages.
    • Have the policies been borrowed against?
    • Are beneficiary designations still accurate and appropriate?
    • For life insurance owned by the employer, is the employer attaching Form 8925 annually to its income tax return so the death proceeds will not be taxable income?

This review can be done over the phone, so it’s still possible to complete it during times when face-to-face meetings aren’t possible. Don’t hesitate to contact your life insurance agent about a review of your business life insurance portfolio; you can help ensure your business remains adequately protected.


This article is provided compliments of our partners at The Cincinnati Life Insurance Company. Neither The Cincinnati Life Insurance Company nor its affiliates or representatives offer tax or legal advice. Consult with your tax adviser or attorney about your specific situation.

Feeling stressed? Go easy on yourself!

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Change can add stress to any family routine, but change amid a pandemic can bring stress to a whole new level.

Make sure you recognize increased tension and address it before it impacts your life or health.

  • Changes in or difficulty sleeping or concentrating
  • Changes in eating patterns
  • Increased use of substances like tobacco, alcohol, caffeine
  • Increased feelings of irritation or anger
  • Feeling uncertain, nervous, or anxious
  • Decreased motivation
  • Feeling tired, overwhelmed, or burned out
  • Increased feelings of sadness

If you can relate to any of these, don’t worry! We can all feel stressed from time to time. But remember to take it easy on yourself, and if you find these signs lingering, consider meeting with your physician or a mental health care professional.


There are things you can do to help manage your stress during difficult times.

  • Have realistic expectations. Taking too much on at once can set you up for failure. Be realistic about how much you can handle, and don’t hesitate to ask others for help.
  • Check-in with friends and family members. Recognize you are not alone and there are people in your corner.
  • Eat healthy, nutritious meals. Putting sugar in your gas tank may give you some energy, but it will not sustain you for long.
  • Make sure to take breaks. Stretch or go for a walk to clear your mind. Not only will this help your mind and body relax, but often you will find it easier to concentrate when you return.
  • Address conflicts without adding to them. Proactively resolve conflicts in a positive manner rather than ignoring the situation and letting it fester.
  • Try to find humor when possible. Laughing has a positive impact on our body as it releases serotonin. Plus, having a good outlook can make it easier to tackle difficult situations.
  • Reframe challenges into opportunities. Our attitude can have a significant impact on how we approach life. A positive attitude can also be contagious, which is a side benefit.
  • Set good boundaries. Try your best to focus on whatever is in front of you at the moment. While at work, be at work. Once you are home, focus on home.
  • Recognize what is and is not in your control. Change what you can and let go of what is out of your hands.
  • Be kind to others. Even in the face of stress, showing kindness to others can make you feel good, and they will often respond.
  • Get moving. Whether that’s working out at the gym, playing outside with the kids, or getting in some steps—physical activity can help reduce stress and help you be tired at the end of the day.

Practicing these stress-relieving tips might not solve the actual stressor, but it can help you maintain your physical, mental, and emotional well-being until the stress has passed.

This article is provided compliments of our partners at The Cincinnati Life Insurance Company. Neither The Cincinnati Life Insurance Company nor its affiliates or representatives offer tax or legal advice. Consult with your tax adviser or attorney about your specific situation.