Key Person Life Insurance

Also known as Key Man Life Insurance, this type of insurance is used when the death of a "Key Employee or Owner" could severely affect the stability or profitability of the company.  Many companies do not survive the death of a key employee because the knowledge, contacts, business relationships or financial experience of running a successful operation are hard to replace.

 

A Key Person Life Insurance policy will give the company working capital to continue daily operations and the financial ability to find a suitable replacement.  Sometimes businesses have several key employees who need to be considered for key person coverage due to the impact on the business of a premature unexpected death.

 

Key Person Life Insurance is purchased by the business, which is also the beneficiary, to help reimburse the business for economic loss when a key person dies.

 

Both term insurance and cash value life insurance should be considered in the key person analysis.  We have several different Key Person Life Insurance plans, including life insurance and disability insurance.

 

For a personalized solution for your client's need please contact us at 866.452.3670, or email us at sales@pipaclife.com.