What is a Key Person Policy?

What is a Key Person Policy?

Key person insurance is purchased by a business to insure the life of one of the company’s most vital employees. It’s intended to help the company recover from the loss of a key contributor whose death or disability would reduce the company’s value or operational capabilities.

Employees that are typically covered include high-level executives and other decision-makers, employees who are highly visible, top salespeople, and employees with unique knowledge or skill sets.

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