Key Man Life Insurance

Protect The Most Valuable Asset Of Your Company – People

What is Key Man Life Insurance?

Key Man Life Insurance is an important form of business insurance and is a standard life insurance or trauma insurance policy that’s used for business succession. In the event of the death of a key person or persons, the life insurance proceeds are paid to the business entity and will be available to help the business financially survive the loss of its key person or persons.

Do I need Key Man Life Insurance?

Every business organization has a key person or persons who should be considered to be insured with Key Man Life Insurance. This is the person or persons typically responsible for the product or service that drives revenue to the company. The business designates the key person or persons and purchases term insurance in an amount sufficient to cover expected expenses and losses for a set period. The insurance premiums are paid by the company and the company is the beneficiary.

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What does Key Man Insurance cover?

Key Man Life Insurance can be the owner or officer or simply the person who is depended on for the success of the organization. If this person were to die or become disabled, it is imperative that the company has a plan to replace them. This type of plan can easily be funded with life insurance that would make the funds available for the following expected expenses: