Your organization is made up of many important professionals who serve an essential purpose on an ongoing basis. If one of these key employees were to pass away, your organization could lose money and even fail to retain essential clients. Key person life insurance protects your organization from a loss in the event that you lose one of your valuable professionals.
What Key Person Life Insurance Includes
Most key person insurance policies include several standard features. These include some of the following:
- You are entitled to use the death benefit to recruit a new employee and train them to act as a valuable resource for your organization.
- The coverage you obtain is viewed as a business asset. For this reason, it can enhance your company’s creditworthiness for the purpose of commercial borrowing.
- In many cases, the cash value of the policy can be withdrawn or used as a loan if the need arises.
There is also no limit to the number of key persons you insure. However, you may need to acquire multiple policies for this purpose.
Don’t Wait to Protect Your Organization
The best time to insure the key persons who work for your organization is now. To find out more about this type of policy, contact an insurance professional in your area.