If your company employs an individual or individuals who are vital to the success of your organization, you may consider purchasing key man life insurance. This type of life insurance protects the company in the event of the unexpected death or disability of a key employee. Some companies have employees who have specialized skills or knowledge that keeps the organization profitable. In order to function as a company and find a suitable replacement in the event of their passing, the company may benefit from a key man life insurance policy and the influx of cash such a policy would provide.
There are several types of key man insurance including term life insurance, cash value life insurance, and traditional life insurance. There are also restrictions on who can be considered a key employee for insurance purposes. The professionals at Savage & Associates can help you determine if key man insurance is right for your company.
Call 419-475-8665 or fill out our on-line request form for more information or to schedule an exploratory appointment with our experienced professionals at Savage & Associates.