What Is Key Life Insurance?
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63333 POINTSview profilePeggy MaceMost of the U.S.Key Life Insurance, often called Key Man or Key Person Life Insurance, is a policy that is taken out on a "key" employee of a business. The business usually pays for the policy and receives the benefits so that it has the funds to look for a new employee and not suffer financially in the interim, if that key employee should pass.Answered on June 23, 2013flag this answer
0 POINTSContact Meview profileDavid RacichPROFountain Hills, ArizonaMany business owners purchase life insurance on their key personnel or business partners. Some businesses use life insurance in deferred compensation plans to fund executive compensation. Key personnel can be any employee that impacts the company, i.e. from “rainmakers” to the “top admin” person who runs the firm.Answered on June 23, 2013+01+1 this answer
0flag this answerview more answers by David Racich- 624 POINTSview profileBILL HANNAAgent, WMH Consulting LLC, Fort Worth, TexasKey Life Insurance, often referred to as Key man or Key person Life Insurance is usually purchased by business The business is the beneficiary to receive funds to aid in the transition in the event of the Key employee's death.Answered on June 1, 2015flag this answer
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