Key Person and Buy Sell Insurance
Every business model needs to have a plan for continuing the business when a person of significance passes away or gets seriously ill.
Key person insurance, also known as buy sell coverage, is an insurance policy that provides businesses coverage for a financial loss due to a death, illness or disability of a valuable person. Coverage can be used to purchase the valuable persons shares, or to hire a replacement while the key person recovers. A key person could be a shareholder, longtime employee, or someone with specific skills and knowledge that is critical to your businesses operation and future success.
Our Life Insurance Advisors can help you develop a plan that protects your company from the negative financial impact of losing a key person. We advise on how to quantify these losses and mitigate these risks using life and critical illness insurance that your company owns. We often work with legal and accounting teams to properly structure these plans so your business operations continue uninterrupted.
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