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Can I buy Life Insurance on the life of a Key Employee?
The loss of a key person often not only deals a personal blow to a company but it can also deal a major financial blow, especially to a small business, and especially if that person is the key contact for customers, suppliers, or perhaps they are pivotal in the management of the business.
Loss of the key person may also make the running of the business less efficient and all of these things in turn can result in a loss of capital.
Financial losses caused by the death of a "key man," or a key employee are insurable. Such life insurance policies will compensate the business against significant losses that result from that person's death (and often times even from their disability).
The amount and cost of life insurance needed for a particular business depends on the business's situation, and the age, health and role of the employee.
Key man, or key employee life insurance pays a death benefit to the company when the employee dies. The policy is normally owned by the company, the company pays the premiums and the company is also the beneficiary.
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