Key Employee Life Insurance

Key Employee Life Insurance

Key person life insurance is a type of life insurance policy designed to pay a business upon the death of the insured. That "key person" could be a company owner or partner, or it could be an indispensable employee, such as someone with highly specialized knowledge or skills. A key employee could also be the person who brings in an outsized portion of the firm's revenue. These policies are generally reserved for employees whose absence will be a financial burden to the business and will be difficult and costly to replace.

• Protecting the business from financial disruption due to the death of an indispensable employee
• Keeping the business operating upon the death of a key person whose knowledge and skillsets are essential in the operations the business
• Providing financial assistance to the business to enable recruiting of a new qualified replacement
• Providing peace of mind to satisfy creditors loans to ensure them payments will still be made.