Key Man Life Insurance
You’ve invested too much into your business to see it go under because of the loss of one key person. This is why key man insurance helps businesses stay afloat after the death of an owner, founder, or employee.
How Key Man Life Insurance Works
When you decide to purchase key man insurance, you purchase a policy for the one person that could devastate your business if no longer able to work. Many people do not realize the importance of people in their company but when that person takes care of most of the business functions, things could fall apart quickly. Many investors will not work with a company that does not have a key man life insurance policy because of this risk. Therefore, not only can it save your company but it could also help you gain investors.
When you take out a policy, your company will receive a payout if the person insured passes away. The payout helps with debt, replacement of money lost due to inability to work and purchasing the stocks and shares the person held. Furthermore, the Key Man life insurance can help the family members of the deceased.
Don’t Leave Your Business at Risk
Policies are determined based on the insured age and health. Therefore, if your key man is in general good health, your policy could be quite low. Many businesses choose a term insurance policy over a permanent one due to less of premium. You will find the cost of a policy is much less than the amount you could lose.
Please call/e-mail us for a free consultation and rate quote.