Chances are your company has a Key Person(s) that is uniquely valuable to the prosperity of your company whether in their knowledge, work, or simply overall contribution to the company.
Perhaps they have a set of skills that are difficult to replace, or maybe they simply are the ones that bring in the big profits.
Now, we all realize that death is a looming subject that none of us are thrilled to talk about, especially with our work families, but it certainly is one worth preparing for. Under Key Man Insurance, companies can take out a life insurance policy on their key executives and become the beneficiary.
So should that unfortunate time come, the death benefit is paid to the company to help replace lost revenues earned by the key executive(s). This ensures that the company can continue to grow after the passing of its key executive.
We all wish for our work families to be cared for, and likewise the company as a whole. So let's take steps to ensure the well-being of the company in all circumstances.