Don't leave any aspect of your financial well-being to chance; protect yourself with the right insurance coverage for all your needs.
Key Person Life Insurance
Invest in your company's success, ensure your key employees' legacies with Key Person Life Insurance.
As a business owner, you may rely on specific individuals within your organization to help drive its success.
These individuals may include key employees, partners, or other key personnel. The loss of a key person can significantly impact your business, both financially and operationally. That's where Key Person Life Insurance can help.
Who is Considered a Key Person?
A key person is someone whose contributions to the business are essential to its continued success. This could include anyone from a top salesperson to a key executive or partner. Generally, a key person is someone who is
Essential to the success of the business
Has a unique set of skills or knowledge
Has significant business contacts or relationships
Generates a significant portion of the business's revenue or profits
Benefits of Key Person Life Insurance Key Person Life Insurance offers several benefits to businesses, including
Financial Protection
The death benefit from the policy can help cover the costs associated with finding and training a replacement for the key person and offset any potential loss of revenue or profits.
Business Continuity
With the death benefit from the policy, the business can continue to operate while it searches for a replacement for the key person.
Creditworthiness
Having Key Person Life Insurance can make a business more attractive to lenders, as it shows that the business has a plan to address the loss of a key person.
Tax Benefits
In some cases, the premiums for Key Person Life Insurance may be tax-deductible as a business expense, and the death benefit is typically received tax-free.
