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If a key person in your company died today, would it adversely affect your business profits?

Successful businesses are built on a variety of assets: equipment, inventory, real estate, accounts receivable, cash, goodwill, and not least of all, key people. The death of a key person could have a devastating effect on the future of your business.  Just as your building, inventory and equipment are insured against loss, so should your key employees.

Key person insurance indemnifies your business for the death of a key person and the loss of that individual's skill and expertise. The life insurance proceeds cover many business expenses that arise upon the death of a key person.

Who is a Key Employee?

Without question, you and your fellow business owners are the most valuable key assets of your business. Your involvement and guidance are crucial to its success. Additionally, key people are others (non-owners) involved in your business who contribute significantly to its success and whose death would result in a tangible loss. 
A key person generally has the following characteristics:

• high salary level
• decision-making power
• vision to plan the direction of the business
• ability to implement plans
• financial leverage representing a source of business capital
• special or unique talents

How it works

1. The business sets a value and then purchases an insurance policy on the key person's life.
2. The business pays the premiums and is both owner and beneficiary of the policy.
3. When the key person dies, life insurance proceeds are paid to the business.
4. The business uses the proceeds to help offset losses in sales, productivity, credit, morale, and/or replacement cost.

Whatever your financial needs or goals, our partners have the products and financial strength that can protect you and your business.
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