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PolicyHub is the smartest way to protect the people that matter most.
Safeguard Your Family
Key Person Life Insurance means safeguarding your family in a worst-case scenario. Don't risk it.
Gain Peace of Mind
Far too many Americans are financially blindsided by the death of a loved one. But not your family.
Protect Your Business
Protect your business by ensuring a smooth transition of ownership with the right life insurance.
Beat Estate Taxes
Inheritance or estate taxes is burdensome for your heirs. A life insurance policy can help.
Invest in Your Future
For less than $1 per day, you can make a huge contribution to your family’s financial safety.
Build Your Legacy
Through a life insurance policy, you can leave behind a legacy for your loved ones.
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Key person insurance, also known as keyman insurance, is a vital protection policy for businesses of all sizes. This type of life insurance is designed to shield a company from potential financial loss that could occur if a key employee—usually a top executive, owner, or another significant contributor—unexpectedly passes away or becomes unable to work. The loss of such an indispensable individual can have a substantial impact on a company's operations and stability, which is why key person insurance is a smart investment.
With key person insurance, the business is the policy owner and beneficiary. In the event of a claim, the policy payout, often a lump-sum amount, can be used to help mitigate disruptions to the business. This could include hiring temporary replacements, offsetting lost profits, training new personnel, or even facilitating a business transition if necessary. It's designed to provide the business with a financial safety net during challenging times.
Investing in key person insurance demonstrates a level of financial prudence that can be beneficial to stakeholders, lenders, and investors. It reassures them that the business has taken steps to manage risks associated with the potential loss of a key person. Especially for small to medium-sized businesses, where the impact of losing a key individual can be particularly harsh, this insurance plays a crucial role in ensuring business continuity and safeguarding the future of the company.
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Key person insurance is a policy that a business can take out on a crucial employee whose absence due to death or disability would have a significant financial impact on the company. This insurance policy is designed to provide the business with financial stability during a potentially difficult time, helping to cover expenses and losses that may arise due to the absence of this essential individual. It can include key person life insurance and key person disability insurance components.
What is the purpose of key person insurance?
The purpose of key person insurance is to protect a company’s financial interests when a key employee, such as a founder or top executive, can no longer contribute to the business due to death or disability. This insurance can provide a financial cushion to help the company continue operations, hire a replacement, pay off debts, or even facilitate a business transition or sale if necessary.
What is the difference between key person life insurance and key person disability insurance?
Key person life insurance pays out a death benefit to the company if a key employee passes away, whereas key person disability insurance provides a benefit to the company if a key employee becomes disabled and is unable to work. Both types of insurance are designed to financially protect the business in the event that a crucial employee can no longer fulfill their role.
Who is the owner and who is the beneficiary on a key person life insurance policy?
In a key person life insurance policy, the business typically owns the policy, pays the premiums, and is the beneficiary. This means that if the key person passes away, the death benefit goes directly to the company, not to the key person’s family or other personal beneficiaries.
What is the purpose of a key person insurance policy?
The purpose of a key person insurance policy is to safeguard the company from the financial risks and potential business disruption that could result from the loss of a critical employee due to death or disability. It helps ensure that the company has the financial resources to recover and continue its operations effectively.
In most cases, the premiums for key person insurance are not tax deductible for the business, because the IRS generally views these premiums as a capital expense. However, the death benefits received by the company are typically tax-free. Always consult with a tax professional or accountant for advice specific to your situation, as key person insurance tax deductible status may vary.
What is the cost of key person insurance?
The key person insurance cost varies based on several factors, including the key person’s age, health, occupation, the amount of coverage, and the type of policy chosen. It is advisable for businesses to compare quotes from various insurance providers to get an accurate sense of potential costs.
How does key person life insurance taxation work?
In general, the premiums for a key person life insurance policy are not tax deductible for the company. However, the death benefits received by the company are typically not considered income and are thus usually tax-free. Tax laws can be complex and change periodically, so it is essential to consult with a tax professional for the most up-to-date and accurate information regarding key person life insurance taxation.
Can key person insurance be considered as part of a comprehensive business insurance plan?
Yes, key person insurance can be an important component of a broader key person business insurance plan. In addition to key person insurance, a comprehensive business insurance plan may include liability coverage, property insurance, workers’ compensation, and other types of policies designed to protect the company’s assets and operations.
How can PolicyHub help with finding a key person insurance policy?
PolicyHub helps you compare all of the best key person insurance companies all at once. You’ll be able to find exclusive deals in your state, getting the best rates on key person insurance (guaranteed).
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