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Corporate “Key Person” Insurance

Here is how it works: We estimate the financial impact of the loss of the key person. The business takes out a life and/or critical illness insurance policy on the key person’s life. If the key person dies or suffers a covered illness, it triggers the policy benefit, resulting in a payout of an amount sufficient to cover the costs.

Key Person Protection is a cost-effective way to ensure the continuity and stability of a business in the event of the loss or illness of a key employee. It helps mitigate the financial risks associated with the absence of a key person by providing funds to recruit and train a replacement, cover lost revenue or profits, repay debts, or provide financial stability during a transition period.

This type of insurance can be crucial for businesses that heavily rely on the expertise, knowledge, relationships, or unique skills of a key individual. By having Key Person insurance in place, businesses can protect their financial interests and ensure continuity in the face of unexpected events.