Key Person Benefits

Key Person protects the life of key individuals in a business. If you are operating with a business loan, your banker may require "key person" insurance (or life insurance) as a way for the bank to get its money back if you are incapacitated in some way. Sole proprietors generally don't carry key person insurance; however, a partnership may have key person insurance.

Another scenario in which you might want key person insurance is if you employ one sales person who generates 80 percent of all your revenues. If that person is incapacitated, it may take two or three months to find a replacement. Key person insurance would cover the difference in the revenue you produce until the person can return to the job or is replaced.

Contact Rosemary Souza-Botten for more information. Just click on the link to the right -- she'll be happy to set up an appointment to review your unique needs and to answer any and all questions you may have.

C10-1207-017 (12/10)

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