Key Person Insurance
Losing a Key Person in your Organization can be devastating. Thankfully there’s Insurance for it….
Key Person Insurance, also commonly called “Key Person” insurance is a life insurance policy on a key employee or owner of a company. These are the people who are crucial to a business and would require skilled replacement personnel to ensure the company continues its business success.
The company can use the insurance proceeds for expenses related to replacing the key employee, pay off business debts, distribute money to investors, or pay severance to employees if the business plan is to close the company.
Key Person insurance may also be used as a Buy/Sell policy for business owners or shareholders to assist with the financial requirement to purchase the business in the event of the loss of the business partner.
For a quote on Key Person Insurance for your business, contact Ostrowski Insurance today, Or get started here on a FREE Key Person Life Quote!