Does Your Business Have Key Man Insurance?

Key man life insurance can also be called key woman life insurance, if the person being insured is female. This policy works exactly like a life insurance policy. When the breadwinner in a family dies the beneficiaries receive the payout. This lets them live and not become destitute or wards of the state.

The same principle is applied to a company. Whether it is one individual or more, the main factor is the extreme importance the individual(s) are to the company. Usually it is the chief executive, or someone in an executive capacity whose brains and intuition has turned the company into a success story. One would assume there are no key personnel like this on Wall Street after their destruction of the U.S. economy and their risky bets.

The key man or woman can also be a figure that the company cannot do without should that person pass away. In the technology industry there are always key personnel, which if no longer with the company would cause the company to fall behind competitors in innovative ideas. A key salesperson could also be considered the heart of the company.

When this individual dies, the company collects on the life insurance policy. What it does with the money can vary. The company can pay the family of the deceased, pay off debt, buy the shares of the deceased and other actions. The policy is taken out like any other life insurance policy. This key person is evaluated on age, health and every criteria that is used in a regular life insurance policy.

The only drawback is that if the money is not used to find someone as innovative as the deceased, the company can still go under. However, the money might buy time or purchase someone with comparable abilities. The saying that everyone is replaceable in a company is not always true.

Filed Under Uncategorized | 140 Comments

Tagged With key man insurance, key man life insurance, life insurance

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