What Is A Keyman Life Insurance Policy?

  1. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    A Key Man Life Insurance policy is life insurance that covers the life of key persons in a business. These are employees who represent the top producers and/or leadership in the company, and who would take some time to replace. Key Person insurance provides money to keep the business in the black while this new key employee is found. Key Man Life Insurance can be Term or Permanent, and it can be owned by the business or by the employer.
    Answered on August 13, 2013
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