A business is only as successful as the individuals who manage it. Key Person Insurance can help protect you if your business lost its key employees.
Companies can protect themselves by purchasing insurance on their key people – for example, the Vice President of Finance or the Director of Operations. These individuals are important for the continued success of your company and their ability to contribute to this success should be insured in the event of their untimely deaths.
Key person insurance creates a tax-free reserve that ensures the sustainability of the business, as the company adjusts to its loss and moves through the transition period of searching for a replacement for a key employee.