Executive Branch- Key Man Insurance
WHAT IS KEY MAN / PERSON LIFE INSURANCE?
Key person life insurance is a properly structured life insurance policy used to protect a growing – profitable business from potential financial setbacks caused by the death of a key employee responsible for the growth, profitability and overall success of a company.
WHO IS CONSIDERED A KEY EMPLOYEE?
The responsibilities of a key employee (who may or may not be the business owner) may be responsible for important management decisions, is highly compensated, and has a substantial impact on successful company sales, while cultivating, and improving meaningful business relationships.
WHY SHOULD YOU CONSIDER KEY EMPLOYEE LIFE INSURANCE?
When the death of a key employee happens a business, can suffer from their loss in many ways. For example, but not limited to; the loss of key management skills and experience, a decrease in production and sales, or the loss of potentially profitable opportunities. most importantly, the amount of time and expense a company may need to invest in interviewing, hiring and training a replacement with the same level or above comparable skill sets.
THE DELINGTON REPORT: