Corporate “Key Person” Insurance
The “Key Person” insurance is a business continuation strategy using Life and/or Critical Illness insurance policies to help protect the business from the cost that result from the death or critical illness of a key person.
Here is how it works:
- We estimate the financial impact of the loss of the key person.
- The business takes out a life and/or critical illness insurance policy on the key person’s life.
- If the key person dies or suffers a covered illness, it triggers the policy benefit, resulting in a payout of an amount sufficient to cover the costs.
Key Person Protection is a cost-effective way to ensure the continued viability of the business in the face of a specific risk.