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Key Person Business Insurance Explained

Key Person Insurance provides funds when a business needs them most: when money is needed to support continued business function during the uncertain days following the death or disability of a key employee. In the Key Person Insurance concept, a company purchases a life insurance policy on the life of the key employee. The employee is the insured, while the business is the owner and beneficiary. This traditional life insurance protects the business should the insured employee pass away. However, today there are even better alternatives available.

Key person insurance is a vital part of the overall “protection plan” for any business. However, in today’s marketplace, there are far too many businesses without this important insurance coverage. By offering a business owner a free look at how a Key Person Insurance Protection Plan would look for their business you may gain new clients and, at the same time, you will be protecting the future success of the business in the event a key employee becomes disabled or passes away.

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