PROTECTING THE ASSETS OF A BUSINESS OR PARTNERSHIP

WITH KEY MAN LIFE AND DISABILITY INSURANCE PRODUCTS.

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What if the Owner or a Partner becomes disabled and unable to continue to work or was to suddenly die from an illness or accident. 

 

• Could the business survive the loss of this key individual?

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• How would the business be able to recruit and afford finding a person or persons to take over the responsibilities of this key individual?

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• If the business involves partners, how would the lost partner's shares be handled and purchased?

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These are just a few of the questions that may need to be resolved in such an unfortunate circumstance.

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Key Man insurance is also commonly referred to as Key Person Insurance, Key Employee Insurance, or Business Continuation Insurance. For business owners and partners, it is a life insurance and/or disability policy purchased by the company on the life of an essential owner, executive, or employee whose contributions are critical to the success of the business. The policy helps provide financial protection to the company if that individual passes away unexpectedly or becomes permanently disabled, helping cover lost revenue, replacement costs, or business transition expenses. These policies can also be part of Buy/Sell Agreements

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Bruce Kantor, CLU can consult and assist companies and partnerships prepare for the unexpected with Life and Disability Insurance products that are designed to protect the business and provide for the continuation of the business and the well being of key people.

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