BNA: Business Needs Analysis for Shareholders and Key Employees
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LIFEPlan’s BNA is designed for advisors working with business owners, shareholders, and key employees who require a more structured review of their insurance needs.​
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The Business Needs Analysis helps determine life and critical illness insurance needs while taking into account legal structure, organizational chart, shareholders, subsidiaries, financing for share purchase or redemption, shareholder guarantees, and business commitments such as leasing, commercial leases, breach of contract, related party transactions, and planned gifts.​
BNA supports advisors who handle more complex corporate cases and need to explain the reasoning behind business insurance recommendations in a clearer way.
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The module also includes comfort levels and an investor profile element for certain cases such as universal life planning.
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The brochure also notes that insurers may require the analysis report during underwriting and that users find the report helpful because underwriters appreciate the explanations it provides. For advisors serving entrepreneurs and incorporated clients, BNA adds structure, clarity, and stronger documentation to the advisory process.
Determines the life and critical illness insurance needs of shareholders and key employees of a company.
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