Who we help
Business owners
and entrepreneurs
Your business started with a purpose—let us help you focus on it. We understand the complexities of business ownership and can support you through every stage. We’ll work together to define your goals and help your business thrive.
Key Person Insurance
Key Person Insurance safeguards your business against the financial impact of losing a vital team member. We provide policies that offer financial support to cover losses, secure loans, and ensure business continuity, allowing you to navigate challenging times with confidence.
What is key person insurance?
Key person insurance (sometimes known as key man insurance or key employee insurance) is insurance a business buys on the life or health of an owner or employee who is essential to the success of the business.
There are 3 types of key person insurance:
Life insurance
Let’s say you purchase a key person life insurance policy for your important sales manager. If they died, the life insurance proceeds would help you meet financial objectives in their absence and pay for hiring and training a replacement.
Critical illness insurance
With key person critical illness insurance, if your sales manager has an illness covered by the policy, it will pay a lump sum to your business to help cover financial losses or lower productivity from that person being away from work.
Disability insurance
Key person disability insurance can benefit your business 2 ways. If your sales manager becomes disabled, it can help you to continue providing them with a salary until age 65 or they recover, whichever comes first. It can also help you continue paying office expenses and salaries during the time of the disability.
How key person insurance can protect a business
The right insurance coverage can help you:
Protect your business, if you, or a key employee is suddenly unable to work
Secure or pay off a business loan (known as collateral assignment)
Provide you or your business partner with money to help buy the other person’s share of the business, if 1 of you is leaving. While there are different ways to arrange funding, life insurance is often the most cost-effective, simplest, and most secure method.
Cover expenses for you or your family if 1 of you is leaving
The need for personal insurance as well
If you’re a business owner, having key person insurance is important. But there are great reasons to also have personal life insurance.
Protect your family’s financial security
If something happened to you, life insurance could help your family pay off personal debt including your mortgage, fund your children’s education, and replace your income so they can pay bills.
Life insurance can also help you ensure that any children who aren’t involved in your business share equally in your estate.
Leaving a legacy
Life insurance can also be used to fund a charity or a private foundation.