Key Person Life Insurance
Key person life insurance is a type of business life insurance used to insure a company’s financial loss when a person vital to the organization’s success dies. Why have key person life insurance? Let’s look at a few examples.
Let’s say there’s the manager of the factory who knows everything about the methods of manufacture, how the machinery works, is liked by the employees and generally makes production occur. If he should die, what would be the financial loss (not even mentioning the emotional loss) to the company? It could be substantial.
What about the lead salesperson who knows and is trusted by major clients or the lead software developer in a software company? Key person life insurance is a prudent business action to take. It could keep a company from financial loss and keep it going or even save it from failure.
Contact lifeinsure.com to get quotes for and to set up key person life insurance for your key employees.
