Key person (employee) insurance is a particular type of life insurance policy taken out by a company on one of their employees, in which the company is the beneficiary in the case of that employee’s untimely demise. Key Person coverage will help cover lost profits or increased costs due to a key individual’s untimely death.
Key person insurance is a relatively new insurance coverage, but has attracted much praise and is encouraged by many strategic advisors. Life insurance is basically a system by which a fixed amount of money is paid to a beneficiary in the event that the person being covered dies.
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