Do you have a key person who is critical to your business’s success?
expertise could result in serious financial consequences for the organization?
• Reduce your sales or business earnings?
• Create a loss of a specialized skill?
• Disrupt the everyday operation of your business?
• Create concern among customers about the loss of expertise?
• Negatively impact a special project such as an expansion program or sales campaign?
• Jeopardize business credit and financial security?
profitability of your business. You should consider Key Person Insurance for these critical employees.
• Offset interrupted or lost cash flow from reduced sales or company earnings.
• Hire a temporary substitute.
• Offset the expense of attracting and hiring a qualified replacement.
• Compensate for any losses due to financial instability and negatively impacted credit.
Key Person Insurance is one of the easiest business continuation planning strategies to implement.
The business simply purchases life insurance on the life of the key employee.
• The employer applies for, owns and is the beneficiary of the life insurance policy.
• If the key employee dies, the policy proceeds are paid to the employer to use as he or she wishes.
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