What is Key Person Insurance?
Key person (or key employee) insurance is a life and disability policy for your business’s most valuable employees. It pays a benefit to your company if a key individual passes away or becomes disabled—helping you recover and rebuild.
Cover Your Business From:
Loss of a Key Employee
Recruitment & Training Costs
Lost Revenue
Business Loan Protection
Ownership Transfer Issues
Disability of Key Person
FAQ
Who is considered a key person?
A key person is anyone whose skills, knowledge, or leadership are critical to your business’s success—owners, founders, top salespeople, or technical experts.
What does key person insurance cover?
It pays your business a lump sum if the insured key person dies or becomes disabled—helping cover lost revenue, recruitment, and transition costs.
Who owns and pays for the policy?
The business owns the policy, pays the premiums, and is the beneficiary of any payout.
Is key person insurance required?
It’s not legally required, but is highly recommended for businesses with individuals whose absence would cause major disruption or financial loss.