Key Person Life Insurance
When you own your own business, it’s easy to get distracted by the issues and opportunities of the day. But it’s just as important to protect your business for the future. That’s where business owner insurance and key person insurance help – providing protection for the company you’ve built and ensuring if something unexpected happens to you or your “key person,” the business can continue to operate with minimal disruption.
What is the purpose of key person insurance?
Key person life insurance, also called key employee insurance, protects your company in the event that a partner, top salesperson or executive experiences a disability or untimely death. When this occurs, the business may lose mission-critical management skills, and experience a falloff in sales and productivity. Key person insurance provides financial stability during this difficult period, allowing your company to adjust to the new reality and get back on track again. However, the business may use the proceeds any way it sees fit.
A key employee is usually insured to a multiple of their yearly income. The person designed as a key employee can be changed by uses of a parachute clause that allows one’s life to be substituted. We at Life 100, understand that each client’s needs are unique and provide you with solutions that are best for you, in Ontario, especially for Toronto, Brampton, Ajax, Markham or the Greater Toronto Area.
The value of an Advisor
An advisor will help you make the best choices for your situation, your investments and insurance needs.