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What You Need to Know About Key Person Life Insurance
If A Key Person In Your Company Dies … What Happens?
Key person life insurance pays cash upon the death of a company’s owner, leader, top sales person, or any member of the company whose death would cause a burden or loss of revenue for the company. The cash from a key person insurance policy can be the reason a company is able to survive after the loss of a key team member.
Determining Who Should Be Covered
Take a look at your business and decide who would be irreplaceable—individuals that perform crucial tasks that the company's livelihood depends upon. This will help you determine who should be covered by a key person policy. In smaller businesses, this person is usually the business owner. In larger businesses it may be the CEO and other top management.
Determining How Much Coverage
Each business has unique expenses and intricacies. Take time to evaluate how much money your business will need to survive until the key person can be replaced. Contact Whims Financial Services in Washington, your insurance advisor, for a consultation on how much life insurance would be appropriate for your circumstance.