WE CUSHION YOU FOR LIFE
KEY PERSON INSURANCE
- Many small business’s have well trained experienced people that are extremely important to the operation and success of the business. So important that the loss of this person would cause the business serious strain, possibly even failure.
- Key person insurance is disability or life insurance policy that a company purchases on the life of a key person in your organization.
- The company is the beneficiary of the plan and pays the insurance policy premiums. This type of life insurance is also known as "key man insurance," "key woman insurance" or "business life insurance."
- The intent of the proceeds is to provide funding for the replacement of the key person. This may be hiring a company or individual temporarily until a new person if found and trained. It may also pay for a search agency.