Key man life insurance

Shareholder & Keyman Protection

Preventing Company Collapse Due To Serious Illness or Death Owning a business can be a very rewarding experience. But what happens if a business partner dies or falls seriously ill? Much will depend on the type of business that you have and its legal entity. The most common structures are: Unless there has been some advance planning, the chances are that what remains may simply collapse or worse still end up in the wrong hands. If you are a business owner, business insurance is vitally important. It is a simple process of planning for what you want to happen if you or your co-owner (if you have one) die or fall seriously ill. What happens when a business owner dies depends on the type of...

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Key Person Insurance, Key Man Insurance - Busy Bee Benefits

WHAT IS KEY PERSON INSURANCE? Key Person Insurance is the process of a business insuring itself against the financial loss it would suffer if a key person in their business died or was diagnosed with a critical illness. It is sometimes referred to as Key Man Insurance or Key Person Protection. WHO IS A KEY PERSON? A key person is defined as an employee whose death or continued absence would seriously affect the profits of the business. Key people are individuals whose skills, knowledge, experience or leadership are vital to a business’ continued financial success. Examples of a key person include, but are not limited to: Head of Product Development Technicians and R&D Personnel In...

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New Hampshire Key Man Insurance, Key Person Insurance, HPM Insurance

New Hampshire Key Man Insurance As a business owner you understand that any business is only as good as its people. This is especially true with small to mid-sized businesses that rely heavily on a few key employees for their expertise, management or sales ability. The loss of such a critical member of the team could be just as devastating as a fire that takes out your building and as equally damaging to the bottom line. How do you protect your business against the unexpected death of a critical employee? Key Man Insurance (aka Key Person Insurance) is a type of life insurance policy that is purchased by the business and retains all ownership rights to the policy on the life of the named...

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Key Person or Key Man Insurance - Health Risk Services

During the disruption that follows the death, disability or critical illness of a key player several things can happen within a business: The business will suffer from the loss of knowledge, expertise and management capability. Lenders may cut back on credit. Creditors may press for immediate payment of outstanding debt. Debtors may delay making payments. Employees and customers may lose confidence in the business. Competitors may take advantage of the unfortunate business situation. Unfortunately, during the time necessary to search for a replacement, the business will experience delays, disruption and reduced efficiency which could result the weakening of the financial stability of the...

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Key Man Life Insurance Policy - Executive, CEO, Business Partner

Key Man Life Insurance Key man or key person insurance protects your company in the event of a sudden loss of a key executive or employee which would have a negative effect on the company. The insurance payout following the death of this person protects your company's solvency. Protecting your company from such a potential loss makes good business sense and is often required by lenders or investors to protect their loans and investments. Key person insurance is typically written as a term life insurance policy since the company only needs the coverage until the executive or employee retires. The company typically owns the policy, pays the premiums, and is the beneficiary. The policy may be...

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Key Man Insurance: A Must Have for Business Owners

Here’s something you probably don’t want to think about as a business owner: What happens when you lose a key employee? It’s not pretty. About 8 in 10 businesses close in less than 3 years when a key employee leaves the business, whether through their death or other reasons. It only takes a minute to define who that might be. If you’re the owner then you’re a good candidate. But, it could be other employees that are important components to your operation. There is an old saying that any person can be replaced, but it takes time and money. It also takes planning. Who should be insured? What type of life insurance makes the most sense for the business? And, who can help you figure it...

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Two Commonly Overlooked Types of Disability Insurance, Physicians Practice

Two Commonly Overlooked Types of Disability Insurance Medical practice owners and executives must look beyond the just the personal disability insurance coverage of doctors to address two specialized kinds of risk: disability overhead expense coverage and key-man disability coverage for high-value employees. While most doctors are familiar with and hopefully have sufficient personal disability insurance coverage in place to offset any loss to their income due to illness or injury, there are two other key areas of disability coverage that could seriously, if not fatally, affect your practice. For detail on these issues I visited with financial advisor Arvind Maddur with Northwest Mutual in...

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Key Man Insurance – 3 Reasons You Should Consider It - Georgetown Insurance

Georgetown Insurance Service, Inc. Every business has that one employee who they just can’t afford to lose. You know the one. That employee whose face comes to mind instantly. In fact, I bet you are picturing them right now. It could be the employee who brings in the most business or the one who knows how to work the specialized machinery. Or maybe it’s the person who keeps the office running operationally and knows the ins and outs of the business unlike anyone else in the company. This employee is key. Your business NEEDS them to keep things afloat and progressing. However, what happens if this key employee passes away suddenly or has a devastating accident? How will your business recover...

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Key Man Life Insurance Could Save Your Business

Contemplating the death of your company leaders is pretty dismal subject matter. But think of the consequences - businesses have bitten the dust due to the death of just one employee. Key man life insurance is an affordable way to prevent your business from sinking after a critical employee passes away. Key man life insurance works like individual life insurance - when the insured dies the policy pays out a benefit. Instead of an individual insuring himself or a family member, however, the business owns the policy and pays the premium. If the insured dies, the business is the beneficiary and will receive the policy payout. To ensure the livelihood of the company, the money can be used to...

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Retiring Business Owners – Key Man Policy May Provide a Cash Windfall

Prior to the existence of the secondary market for life insurance, many retiring business executives who owned key man insurance ended up leaving substantial sums of money on the table when they retired or sold their businesses. That no longer has to be the case. Life settlements have become a smart and profitable option for retired business owners and executives who want to leverage the monetary value of obsolete key man insurance policies. As retiring business owners and aging company executives plan their exit strategy or prepare to sell their businesses, one of the most important decisions they will make involves the disposition of key man life insurance policies. Prudent business...

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