Key Person Life Insurance


term-life-insurance-quote KEY PERSON:
The purpose for this type of Life Insurance is to indemnify a business when a Key Employee or Key Executive dies while working for the company.

This employee is determined by the owners as one whose value is so great the business would suffer loss if a death occured. Term Life Insurance is typically used for this plan.

The purpose of the Buy-Sell agreement is to have a plan in place in the event one of the partners/principals/owners of a business dies. In this case the Term Life Insurance or Whole Life Insurance provides the funds to “Buy-Out” from the surviving family the deceased Partner/principal/owners share of the business.