Sunday, September 28, 2008

Key Man Insurance for Business Owners

With many small businesses the key man or key employee in the business is the business owner. In these cases, key man life insurance can be purchased on the life of the business owner to protect the company in the event that he/she unexpectedly passes away.

With key man life insurance, the business owns the insurance policy and pays the premiums and is also the beneficiary. If the business owner dies, the business receives the policy proceeds and can use the funds to hire a capable replacement, pay off debts or simply use the funds to buy time until the businesses assets can be liquidated and the business can be closed. In any event, key man life insurance on the business owner can provide much needed stability if there is a sudden and unforeseen death.


Adam said...

There are no greater feelings than to have realization that your kids will not be alone after you. You work hard throughout your life in order to prove a responsible father and caring husband but even you feel that this will not be sufficient for your family in case of some crisis. There is nothing to be worried about. It’s a story of every home. And Life Insurance companies give you the best solution by providing the reasonable plans of life insurance for children and their future making secure even after you.

Heliosprotection Insurance said...

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Bea Storck said...

This is a valuable information and I appreciate how it was clearly explained and elaborated on how important is the Key Man Insurance in the business. There is no such thing as protecting your key person in the company as they are the best component of the flow of the company's success. Without them or any absence of them can cause negative impact to your financial company flow.

Jenice said...

Its a very valuable policy that in my opinion every businessman should definitely plan to buy. To safely and smoothly carry all the business operations this policy helps in many ways.
commercial liability insurance