Key Person Life Insurance

Are your company’s most valuable assets properly protected?

Protecting Your Businesses’ Most Valuable Assets

Protecting Your Businesses’ Most Valuable Assets

As a business owner, you probably didn’t think twice about the need to insure the building, inventory, and equipment of your business. But have you overlooked something?  How about protecting the business against the loss of its most valuable assets—its key people?

A lot can hinge on very few people...

A lot can hinge on very few people...

 

The Loss of Key Employees or Owners Can Financially Cripple a Company

With an estimated 86% of U.S. businesses made up of 20 people or fewer, a lot can hinge on very few people. The figure is even more alarming when you consider the statistics in relation to death before age 65. The probability of the death of at least one of three owners before age 65 is surprisingly high.  

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Why should your business protect its key people?

The primary purpose of insuring a key person is to help the business get through potentially difficult times should that individual die.  Depending on who the key person is, the business may need funds to hire and train replacements or reimburse for lost revenue. 

Who should be considered?

Owners, VP’s, executives and key salespeople could all be considered for key person protection.

How much protection is needed?

Key person insurance is usually purchased as a multiple of salary.

What’s next?

Key Person Insurance is easy to implement and does not require IRS approval.