Key Person Insurance
Key Person Insurance Information
All employees are crucial for a business’s success, but some positions hold more authority and critical responsibilities that truly guide the business along the path to stability and growth. Losing one of these employees can be devastating, especially if the employee passes away unexpectedly. However, there is a way to protect your business and other employees in case one of these key people unexpectedly passes. This is key person insurance, and it’s a benefit that no Arizona business should be without.
The commercial insurance experts at Aegis Financial Partners are dedicated to helping businesses throughout Phoenix find and tailor a key person insurance policy that is fit for their business and their employees. We build genuine relationships with each client through hard work and honesty, and we will help you identify your company’s risks and target them with the right benefits at the right time.
Call us at 480-565-6483 or request your free, no-obligation quote online today!
Common Key Person Insurance Questions
What Does Key Person Insurance Cover?
Key person insurance is a type of life insurance where a business is named as a beneficiary on the policy. If a key person at your company passes away unexpectedly, key person insurance will compensate the company for expenses related to filling the position or adjusting business strategies to make up for the loss.
This insurance has many names, including key man insurance, key woman insurance and business life insurance. It covers the sudden death or incapacitation of one of your key employees, such as an executive, owner or founder. If a key employee is no longer able to work, even if they are still alive, benefits can still be paid to the company, depending on the conditions within their plan.
How Does Key Person Insurance Work?
The company is responsible for purchasing key person insurance and paying monthly or annual premiums to support the plan. As long as the policy is active, the company’s top executives who are named as insured on the plan are covered. If they pass away, compensation will be paid to the company for defined recovery costs.
How Much Key Person Insurance Do I Need?
Every business’s needs are different. Ideally, you should have enough key person insurance to cover the costs associated with the employee’s position. Considerations might include how much it would cost to hire a new employee in that same position, or costs associated with outsourcing or supporting certain responsibilities that the deceased would have handled were they still there.
Speak with an insurance agent about finding the right level of key person benefits today.
How Much Does Key Person Insurance Cost?
The cost of key person insurance varies depending on the type of policy, coverage limits, location and more. Fill out an online quote form to find out how much you can save on key person insurance today. We’re here to ensure that you get the proper plan that is adequate for your coverage needs and that fits within your budget.