Key Person Life Insurance
What is it?
Key person insurance protects the company from the death of a keyperson. Key people are those that are additive to the revenue of the company (both top and bottom line) and whose loss the company would really feel.
Key person insurance is owned by the company, the company is the beneficiary, and the key person is the insured. The point of key person is to protect the company, not damage the income statement of the company.
Many company owned policies are not finance friendly. High surrender charges, full medical underwriting, and no surrender enhancement work against the company in offsetting the risk of losing a key person.
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Finance Corner
Key person insurance is meant to mitigate risk, not create P&L issues. Our team is equipped to show you how your key person insurance affects the financial profile of your company. Connect with us for a no-cost consultation on your key person insurance.