Protect your business from financial loss when a key employee suddenly dies.
The loss of a key employee – such as a top salesperson, manager, product developer, or partner – can be a substantial blow to your company. Such a loss can slow your sales, dampen sales opportunities, and can cause your suppliers to question the ongoing stability of your firm. You need to protect your business from any possible financial hardship.
A life insurance policy on the key employee which is owned by the business can help sustain your company in the event of losing the key individual. The policy's death benefit will provide tax free funds to help offset any losses incurred as a result of losing the key employee and the costs associated with replacing that individual.
And if the business is a partnership or corporation, it is important to ensure there is a buy/sell agreement in place including an appropriate life insurance component covering the partners. Such an arrangement will give the surviving partners or shareholders the funds they need to buy out the surviving beneficiary’s interest in the company.
Key Person / Partnership insurance is a specialty and you need to talk to someone with expertise.
Contact Us to discuss Key Person / Partnership insurance with one of our licensed Account Executives.