We work to help our business-owning clients protect the value they have worked tirelessly to create through Key Person Insurance.
What is Key Person Insurance?
- A type of tax-deductible term-life insurance that a company purchases on a key executive of the business.
- Ensures that if anything were to happen to the owner, or another key employee, there would be money that could be used to hire a replacement, give time to sell the company, or provide the owner’s beneficiary with compensation.
- With a partnership, a partner can use it to buy stock from the other partner.
- Also known as “key man insurance,” “key woman insurance” or “business life insurance.”
Who Needs It?
- All business owners should purchase Key Person insurance through the company for themselves.
- Also be purchased on any other employee that is irreplaceable or would severely hurt the company if they were
to suddenly pass away.
Read our recent article here: Smart Steps To Protect Your Business And Yourself