Key Person Insurance
Key Person Insurance
As a business owner, you know there are certain key people who make our company a success. But have you thought about how the unexpected death of a key person could negatively impact your business?
It takes a lot of time and hard work to establish a business and make it a success. Chances are you have hired at least one employee whose talent has been critical in helping your business thrive. In the event that key employee passes away unexpectedly, you need a solution to help you continue running your business.
Impact of Loss
The loss of a key employee could result in financial risks such as reduction of sales or business earnings, loss of a specialized skill critical to the operation of your business, or a delay in business until a replacement is found. There are also business risks to consider such as critical projects being suspended or stopped, impact to the job security of other employees, or a loss of customers.
Are you prepared?
The death of a key employee can have a major impact on a business. That’s why it is important to consider key person insurance from AAA Life Insurance Company. Coverage on key employees helps protect your business. It can provide funds to help pay bills and offset lost cash flow that could result from reduced earnings. It can also allow you to:
- Hire a temporary employee until a permanent replacement is found
- Provide salary continuation benefits to the surviving spouse or family
- Purchase business interests from the deceased’s estate
- Add to the corporate surplus, tax-free*
How does it work?
The employer applies for, owns, and is the beneficiary of the life insurance policy. If the key employee dies, policy proceeds are paid to the employer to use to best suit the company’s needs.
Key People to Consider:
- Employees with specialized talents
- Those who have unique relationships with valued customers
- People who attract new business or are responsible for major projects
*Please consult your professional advisor prior to the purchase of any policy.
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