What is Keyman Insurance?
Keyman insurance is life insurance on the key people in your business, from owners, partners, and founders to key employees.
Why is it important?
If an owner, founder, partner or key employee suddenly dies, the consequences can threaten the very existence of the business. For an owner or partner, you are now faced with the estate of the deceased partner. Essentially your new partner is the spouse or family of the deceased. It is not what most business owners had in mind. However, you must compensate the estate of your partner in order to assume his or her ownership interest. Rarely is there available cash on hand to do so.
An adequate life insurance policy would immediately pay the estate in return for the deceased’s share in the business being delivered to the surviving owners. The same protection can be secured for a key employee whose work and expertise was essential to the operations of the business.
For a free quote and answers to all your questions, email an expert or please call 1-800-827-5525 ext.231 and provide the Code CBA11.