What is Key Person Life Insurance?
What is Keyperson Life Insurance?
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Maybe your business is operated primarily by one person or maybe your company is run by a small team of executives whose expertise is the lifeline of your business. The premature death of a key person could signal the premature death of the business. With a Keyperson Life Insurance Policy, a business can increase the chances of survival if it were to lose a key member of the organization.
- cover business debt
- leave working capital for a surviving partner(s) to continue the business
- identify and hire a replacement for the key person
- provide cash for the business in case there is a major revenue shortfall because of the loss of the key person