Fact Finder Life insurance by benbenzhou


									                       Fact Finder
                Insert Agency/Office Name

Name of business_________________________________________ Name of owner_______________________

Address___________________________________________________ Phone ____________________________

Fax                                                 E-mail

Nature of business____________________________________________________________________________

Business structure:_______________________________________ Year started__________________________

Fiscal year end_________________________________ Number of employees __________________________

Are you planning on adding employees in the near future and if so, how many?_____________

What kind of HR challenges are you experiencing, or do you anticipate experiencing in the future? ___________


Other locations_______________________________________________________________________________

Business tax bracket _______________ Estimated current value of business ______________________________

(Can you tell me about the history of this business?)

(How did you get started in this business?)

(What has been key to your success?)

Approximate annual gross sales volume or revenue this year $_____________ Business income tax rate ________

(Are you interested in exploring ways to defer or save taxes?)

What is your annual business growth goal?_______% Number of people with ownership interest ____________

Primary owners and percentage of ownership_______________________________________________________


Number of family members active in the business with ownership interest________________________________

Number of family members active in the business with no ownership interest_____________________________
Which of the following business goals apply to your business? (check all that apply)

        Develop the business for family members
        Grow the business
        Remain active in the business even after normal retirement
        Sell the business and retire early
        Achieve business stability

Does the business have significant debt? ___________________________________________________________________

What percentage of the debt is covered by life insurance on the owners? __________________________________________

Who are your closest financial advisors?

What do they do for you?________________________________________________________________________________

What do you like best about the value they provide?___________________________________________________________

What do you like least about their contributions? _____________________________________________________________

(You have obviously done an excellent job of building your business, have you put in an adequate amount of time planning
for your ultimate exit?)

(Do you ultimately plan to sell, liquidate, or transfer ownership in your business.)

(What is your exiting plan?)

(Have you planned for other contingencies?)

Do you have a written plan? If yes, does it address the possibility of death, disability or retirement of an owner? __________

         If yes, is the plan funded, and if so, how? ____________________________________________________________

         Is the plan funded on an entity or a cross-purchase basis? _______________________________________________

         Does the plan reflect the current value of your business? ________________________________________________

         How is the price set in the agreement? ______________________________________________________________

To whom do you plan to transfer the business? ______________________________________________________________

Have you made plans to cover business expenses if you are too sick to work? _________ Personal expenses?_____________

Is your business more than 50% of your total estate? __________________________________________________________

Have you planned for the liquidity needed to pay taxes upon your death? _________________________________________

Do you have an up-to-date estate plan? _______ If so, is the plan funded, and how?_________________________________

Have you established a trust or trusts to distribute your assets?__________________________________________________
How many of your employees would you consider as being key employees (irreplaceable or difficult to replace)? _________

Are you interested in ways to attract and retain your key employees? _____________________________________________

Would the loss of one or more key employees cause a hardship to your business? ___________________________________

Does your business have a plan to protect against the loss of any key employees in the event of death or disability? ________

Does the business pay for any of your personal life insurance other than group? ____________________________________

Do you offer any type of life insurance to employees? ________________________________________________________

Do you currently offer any benefits to selected employees? ____________________________________________________

If you were to offer such benefits, would you want to:
          include owners? ___
          include key employees?____
          limit employees access to values?____
          recover costs if an employee leaves?____
          control, own and administratively track the benefits and values? ____

On a scale of 1-4 (1 being most important) rank each of the following:
         ___ The value of a current income tax deduction for the business
         ___ The value of a current income tax deduction for the employee
         ___ Cost recovery (by the business) of any executive benefit plans
         ___ Having the business own the asset and control the employee benefit

Who should make contributions to executive benefit plans? (check one)
       ___ All contributions paid by business       ___ Most contributions by business            ___ Balance of both
       ___ All contributions paid by employee       ___ Most contributions by employee

Have you made voluntary employee-paid benefits available to your employees? ___________________________________

Does your business have a qualified retirement plan for employees? _____________________________________________

If yes, what type of qualified plan do you offer?_____________________________________________________________

Are you satisfied with the service of the plan? ______________________________________________________________

Are you satisfied with the features of the plan? ______________________________________________________________

Are you satisfied with the options of the plan? ______________________________________________________________

Are you satisfied with the performance of the plan? __________________________________________________________

Are key employees limited in the amount that can be contributed by or for them into the qualified plan? ________________

Does the business have any other plans to supplement your or your employees’ retirement plan? ______________________
    What benefits do you offer employees (health, life, disability, dental, etc.)? ________________________________________


    Are you satisfied with your current benefit plan? _____________________________________________________________

    Do your employees understand their benefits? _______________________________________________________________

    Do your employees see their benefit package as generous? _____________________________________________________

    Do you currently make any voluntary benefits available? ______________________________________________________

    Would you be interested in offering benefits on an employee pay basis? __________________________________________

    (If I could take this information and put together a case for adding value to you, your business, and/or your employees, would
    you be willing to meet again for a more in-depth discussion?)

                            W E U N D E R S T A N D W H A T Y O U ’ R E W O R K I N G F O R .

                                                   Principal Life Insurance Company
                                                     Des Moines, Iowa 50392-0001
BZ 160                                                       #678792006

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