Cover for your team, cover for you and the business, or both. You tell us what you are trying to protect and we come back with real options — no forms to decode on your own.
Life cover is priced on age, health and the amount of cover, so there is no instant number to show you. This starts a conversation, not a checkout.
These get talked about as one product but they solve completely different problems. Most owners eventually want both — it just helps to keep them apart while deciding.
A modest amount of cover for every employee, paid for by the business. It shows up in recruiting conversations more than you would expect.
Health insurance takes explaining. Life cover does not — everyone already knows what it is for, which makes it one of the easiest things you can add to a hiring conversation.
Group term life is priced per thousand dollars of cover and is typically one of the lowest-cost benefits an employer can offer. What it costs for your team depends on your census.
If you are already funding an ICHRA allowance, adding life is a small incremental decision rather than a second benefits programme to run.
Cover written on the people the business cannot easily replace, with the business or a partner as the beneficiary rather than the family.
Most franchise locations depend heavily on one or two people. Key person cover pays the business, not the family, so it can keep operating while it works out what happens next.
If you have partners, a buy-sell agreement is only as good as the money behind it. Life cover is the usual way that agreement actually gets funded.
SBA lenders and some franchisors require life cover on the owner as a condition of the loan or the franchise agreement. If yours does, this is the box being ticked.
Worth being precise about, because the natural assumption is wrong in a way that would cause a real problem at tax time.
An HRA reimburses medical care. Life insurance premiums are not a qualified medical expense, so the allowance you set for health coverage cannot be spent on this. It's a separate arrangement with a separate cost.
Your plan document, summary plan description and employee notices describe the health benefit only. Adding life cover does not change any of them, and the Rikor administration fee does not cover it.
One more thing worth raising with your accountant rather than hearing from us for the first time in April: employer-paid group term life above $50,000 of cover per employee generally creates imputed income for that employee under IRC §79. It is routine and manageable, but it should be a decision rather than a surprise.
A few details is enough to start. We will come back with what makes sense for your situation and what it would realistically cost.
If you are here for health benefits rather than life, run your numbers on the health side — that one gives you an answer on screen straight away.