Key Person Insurance

Does your business include someone whose contribution is vital to the survival of your company? If yes, then key person insurance should be a part of your business continuity and succession plan—especially if you're a small business owner.

If a key member of your team passes away or becomes disabled, your bottom line may suffer in the short-term, and over the long-term, you may have to find a replacement or even shut down your business. However, with the benefits payable from a key person life or disability insurance plan, you could:

• Recruit, hire and train a replacement
• Pay off debt and deal with creditors
• Alleviate lenders' concerns about your company's financial health
• Reassure customers, employees and investors that the business will continue operating

What's more, if you and your family rely on your business as a primary source of income, key person insurance can help ensure that the business will continue to provide a secure financial future.

If an insured key employee or owner were to die, the key person life insurance policy would provide a tax-free cash payment that your business could use as working capital; to recruit, hire and train a replacement; to pay off debts; and much more.