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Financial Stress Avoided

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A Real Life Story of Franconia Insurance & Financial Services


FIFS was founded in 1994. Within our first 10 years of operation, three of our employees dealt with extended illnesses that, unfortunately, resulted in untimely deaths. We lost a business owner and financial advisor, a life insurance advisor and a receptionist. How unfortunate and unusual that a young company would experience this in such a short period of time. Most of our employees had never lost a fellow worker in any of our previous jobs. Also, we had not anticipated how an extended illness or sudden death of a coworker would impact our workplace.

Being a small, growing company, each employee was a key person. Having an employee absent due to illness or death created a void that we did not have extra employees available to fill.

Fortunately, our business owners had the foresight to plan for the unexpected when they were establishing the company. A life insurance policy had been purchased on each of the business owners. We were able to use the policy to provide funds for our remaining owners to continue operating the agency and fulfill any obligations to our deceased business partner’s spouse. A group life policy had also been purchased as an added benefit to our employees. This enabled the families of the deceased employees to cover final expenses or other family needs.

We have learned first-hand how critical it is for a business to have a Buy-Sell Agreement funded by life insurance, Key Person, and Group Life insurance policies. We had not ever anticipated needing to use these benefits so quickly. FIFS was able to financially help the families who had lost loved ones, and also assure the continuation of our business for the rest of our employees.

While our story of FIFS is unique, there are very few stories that are the norm. We want all business owners to remember that there are often many livelihoods that depend on your ability to continue to provide employment, even beyond the loss of an employee or owner. Simple steps can be taken to remove this economic uncertainty, so that you can turn your attention to the emotional toll that the loss of an employee can have on your organization.

-Written by John Frankenfield

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