For business owners
Key person insurance
Some people are simply central to a business — an owner, a top producer, a technical lead. Key person insurance protects the company against the financial blow of losing one of them.
What it covers
The corporation owns a policy on the key individual and is the beneficiary. If that person passes away, the business receives a benefit to weather the disruption — replacing lost revenue, funding recruitment and training of a replacement, and reassuring lenders and clients during the transition.
Who's often a key person
- An owner whose relationships and knowledge drive the business;
- A top salesperson or rainmaker;
- A specialist whose skills are hard to replace.
Why it matters
Ask yourself: if your most vital person were gone tomorrow, how long could the business hold steady? Key person coverage buys the time and money to recover, rather than forcing rushed decisions under financial strain.
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