Buy / Sell & Key Person Insurance

Buy/Sell Insurance

Buy/sell insurance is one of the best ways to assure the continuation of your business in the event of a partner’s death. It should be accompanied by a buy/sell agreement amongst partners that requires the surviving partners to buy the business in the event of a partner’s death.  The actual purchase of the business can be funded by the buy/sell insurance policy

Key Person Insurance

Key person insurance (key man insurance) can be thought of as an insurance policy taken out by a business to compensate for the losses that would arise from incapacity or death of a named member of the business, such as the owner or president.  The goal is to compensate the business for losses and to assure business continuity.  It is typically a fixed amount payout as opposed to actual loss compensation.  A business may take out key person insurance on any employee that is considered uniquely valuable and would expect to be at a loss to replace the employee in the event of their loss

Ask to speak to our Life Specialist to discuss the right products for your needs.