Key Person Insurance

Key Person Insurance is a type of life insurance policy that a company purchases on the life of an owner, top executive, or another individual considered critical to the business. The company is the beneficiary of the policy and pays the premiums1. This insurance provides a financial cushion if the sudden loss of a certain individual would profoundly negatively affect the company's operations.Coverage Details:

• Death or Disability: The policy provides coverage for the death or disability of the insured key person.
  
• Financial Protection: The funds can be used to cover expenses related to the loss, such as recruiting and training a replacement, compensating for lost revenue, or covering any additional costs associated with the transition.