Key Person Life Insurance

Key Person Insurance

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Many businesses may have a shining star – whether that person is the owner, founder, an amazing salesperson or an innovative thinker. What would happen if that talent were lost? A key person life insurance policy may help make sure your company never has to find out.

How does key person life insurance work?

Replacing a key person takes time and money and could possibly cost the business valuable clients during the transition. The tax-free policy proceeds from key person life insurance can cover financial losses that occur at the death of a key person. This helps assure continuity of the business for employees, customers and creditors. And it can serve to affirm the key person’s value to your business, which may strengthen the relationship.

Other things to know about key person insurance:

• Coverage is a business asset that enhances your company’s creditworthiness for commercial borrowing.
• The policy’s cash value may be available to your business through a withdrawal or loan if needed.
• The policy can be transferred to the employee at retirement as a bonus.
• The business pays the premiums and they are non-deductible.
• The death benefit and any guarantees are subject to the claims-paying ability of the issuing insurance company.