Key Person

Key Person Insurance

Some businesses depend heavily on one or more owners or employees whose knowledge, relationships, leadership, or production is important to the company’s operations.

Key person insurance is designed to help a business manage the financial impact of losing an individual who is important to the company. Benefits may help with recruiting and training a replacement, meeting debt obligations, addressing lost revenue, or supporting business continuity, depending on the circumstances.

Coverage amounts, ownership, tax treatment, and business use should be reviewed with appropriate legal and tax advisors.