Key Person Insurance
Key person coverage allows a business to insure a key individual whose death or disability would affect its sales, production, or profitability.
Key person insurance enables a company to re-train an existing employee to fill the vacant position or to hire a replacement.
In the event that a replacement cannot be not be found, key person coverage helps to compensate for the financial loss.
Life and/or disability income insurance, owned by the company and payable to the company, can protect its most valuable asset, its valuable employees.