Every company has people they absolutely rely on as key contributors to the company's success. If something were to happen to them, without a plan in place, it could be a blow from which the company might never recover. Managing the company's potential loss of revenue and business momentum might require more than something like simple credit insurance.
Key Person insurance is a life insurance policy that companies take out on their key people, with the company as the main beneficiary. From management to research, sales and marketing, productive, visionary leaders make business happen, and without them a company's future can be put in jeopardy. With Key Person insurance, the costs and losses associated with the death of a key person can be mitigated.
Is key person insurance necessary at your company? How would your company respond to the sudden loss of a leader?
If these statements don't all sound true for your company, find out more about key person insurance. Talk to one of our licensed life insurance agents and get the information you need to make the right decision for your business.