Key Person Life Insurance
What is Key Person Insurance?
Replacing a key person takes time and money − and could cost the business valuable clients during the transition. Key person life insurance offers a death benefit that can help cover financial losses that occur at the death of a key person. This helps assure continuity of the business for employees, customers and creditors.
Taking out a key person policy on your top employees also affirms their value to your business, strengthening the relationship.
What are the benefits for your business?
Tax-free policy proceeds cover financial losses that may occur at the death of a key person
Assurance of business continuity for your executives, customers and creditors
Coverage is a business asset that enhances your business' credit worthiness for commercial borrowing
Key person's value to your business is affirmed, strengthening the existing relationship and aiding in retention
Policy's cash value may be available to your business through a withdrawal or loan if needed for funding business opportunities or retirement benefits