Key Person Insurance
The most valuable asset of any successful business is its key people, whose unique talents make a significant contribution to the bottom line. Who are key people? You, people with unique relationships with valued customers, people with specialized technical talents and people responsible for major projects. What impacts could a key person’ death or disablement have on your business?
Projects could stop
Job momentum could be lost
Job security for other employees could be affected
Customers could be lost
The business could have difficulties in continuing
The business could have trouble maintaining its good reputation
The business could lose sales and profit
The business’ line of credit be affected
There could be costs associated with recruiting, hiring and training a replacement
Benefits of Key Person Insurance:
It is the most economical way of providing cash
Proceeds are tax-free
Money is delivered at the exact time it is needed
The business’ future is secure
Keyman Insurance is one of the most important yet often overlooked insurance policies by businesses. While many businesses have insurance for their property, vehicles or other assets businesses fail to account for protection against prolonged illness or death for a key employee or owner. Face values range from $250,000 to $1,000,000 or more. Monthly premiums are affordable, even for small businesses.
To find out more about Key Man insurance, give us a call.