What is Key Person Insurance?
In general, Key Person Insurance is coverage that is owned and paid by the Business on an Owner or Key Person who is crucial to the business. It can also fund a “Buy/Sell” agreement between business owners or may even be a requirement by a bank to secure a loan.
This plan is typically in the form of Life or Disability coverage.
To replace a person in any business would take time and money, and could possibly cost the business valuable clients during a transition. The tax-free policy proceeds from a Key Person policy can cover financial losses that may occur from a death, illness or accident.
Other Concerns May Be
Coverage is a business asset that enhances your company’s creditworthiness, Available policy cash value, options in a tragic situation, retirement advantages or even business paid premiums.
Whatever the case, if you need more information we work together with our clients to provide the best solutions. For more information call or fill out the request to the right and we will be happy to help.