Attention small business owners! Your company’s success depends on the contributions of your key employees.

That’s why Key Person Insurance is one of the most important types of insurance for small business owners. What is Key Person Insurance? It’s a type of life insurance policy that protects your company from financial loss in case of the unexpected death or disability of a key employee or owner.

When selecting a Key Person Insurance policy, you’ll need to decide between cash value life insurance or term life insurance. Cash value life insurance policies offer a death benefit and a savings component, with tax advantages for the savings component. These policies can also be used as an employee benefit or as a “what if” bucket of money for the business to access. However, they are generally more expensive.
Term life insurance policies are more affordable, making them a better option for businesses with limited financial resources. These policies provide coverage for a specified term and only offer a death benefit.

Don’t leave the future of your business to chance. Talk to me today to secure the right Key Person Insurance policy for your business. It’s a critical investment that can provide financial security for the business and peace of mind for lenders and investors.