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Financial Services: Key Person Insurance

As an owner or executive, you focus on building your business, growing that important six-letter word, "profit". You know your strengths and the value you bring to your clients.

In your business plan, have you also considered what may potentially disrupt what you have worked so hard to build? How have you prepared for the eventuality of the death of a person key to the daily operation of your business?

Who is a key person in your business? A key person is:

  • Any employee who contributes substantially to the financial well-being of your business.
  • One whose premature death or disability would result in economic loss to the business.

What would happen to your business if s/he suffered an untimely death? What cash needs arise to keep your business afloat without that key person? Cash is needed to:

  • Keep your company going during the time that income is shrinking and expenses are growing.
  • Replace lost profits or lost business value.
  • Pay bills and protect the firm's credit position.
  • Provide a financial cushion.
  • Recruit, hire and train a qualified replacement.
  • Cover the cost of mistakes a replacement will make while learning to fulfill the responsibilities of this key position.
  • Meet special needs.
  • Make survivor income payments.

We assist companies to minimize the effects of such needs through Key Person Plans. Allow us to help you protect the "Life of Your Business."

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Our consultants are available to assist you. Request information or schedule a meeting with one of our consultants by clicking the link below.
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