{"id":7,"date":"2024-10-23T16:09:37","date_gmt":"2024-10-23T16:09:37","guid":{"rendered":"https:\/\/webdesign.quoteplicity.com\/keyperson\/?page_id=7"},"modified":"2024-11-13T02:46:20","modified_gmt":"2024-11-13T02:46:20","slug":"home","status":"publish","type":"page","link":"https:\/\/webdesign.quoteplicity.com\/keyperson\/","title":{"rendered":"Homepage"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"7\" class=\"elementor elementor-7\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e0eec0c toc-fetch e-flex e-con-boxed e-con e-parent\" data-id=\"e0eec0c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-e500b85 e-con-full e-flex e-con e-child\" data-id=\"e500b85\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-579cdf9 elementor-widget elementor-widget-heading\" data-id=\"579cdf9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What is key man insurance?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0b2e317 elementor-widget elementor-widget-text-editor\" data-id=\"0b2e317\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Key man insurance, a.k.a. key person or key employee insurance, is coverage that will protect a business in the case of an untimely death or disability of a top salesperson, executive, or business owner. The loss of a top manager or executive to a disabling injury or death would have devastating effects on most companies. Buying key man insurance allows businesses to plan for these unforeseen events and be prepared should death or disability strike a top performer.<\/p><p>Could your company bear the loss of a key executive or key employee? Who will lead your company when the CEO retires? What if your top salesperson or partner becomes permanently disabled? Do you have a plan? Having a key man insurance policy can help you answer these questions with confidence.<\/p><p>We specialize in assisting organizations of all sizes to protect their most valuable assets, their people. In most cases, the cost of a keyman insurance policy is negligible and very easy to obtain. Don\u2019t make a critical mistake and let the lack of necessary planning sabotage your business\u2019 continued success.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-13dbb1e e-con-full e-flex e-con e-child\" data-id=\"13dbb1e\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0ccfd35 elementor-widget elementor-widget-heading\" data-id=\"0ccfd35\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Key man insurance policy \u2013 a simple and easy way to protect any business<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6ba106e elementor-widget elementor-widget-text-editor\" data-id=\"6ba106e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tA keyman insurance policy provides peace of mind to business owners and shareholders alike, knowing that the business can continue operations without significant disruption in the event of the loss of a key employee.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e3141e6 elementor-widget elementor-widget-heading\" data-id=\"e3141e6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Key employee insurance definition<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f3ccd17 elementor-widget elementor-widget-text-editor\" data-id=\"f3ccd17\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tA\u00a0key employee\u00a0is anyone critical to the ongoing success and profitability of a business. These individuals may be business owners, partners, executives, or salespeople that make a significant contribution to company earnings. They possess specialized skills, talents, and expertise that are crucial to the continued existence of the organization.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-37ec736 elementor-widget elementor-widget-text-editor\" data-id=\"37ec736\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<strong>Examples of key employees are:<\/strong>\n<ul><li>Individuals with creative abilities or technical experts, including software developers, inventors, scientists, or anyone with a niche talent.<\/li>\n<li>Sales professionals that have extensive experience and a track record of exceptional performance. Many extraordinary salespeople have cultivated relationships with vendors and high-end customers that allow them to exceed sales goals continually. This \u201cgoodwill\u201d is precious and hard to duplicate.<\/li>\n<li>Senior-level executives that are responsible for managing the daily operations of the company or are responsible for a unique project or development program.<\/li>\n<li>Anyone whose death or disability would negatively impact the business credit or financial solvency of the organization.<\/li>\n<li>License holders that are fundamental to the continuation of the business. Contractors who hold vocational licenses are one example.<\/li>\n<li>Organizational leaders such as\u00a0pastors\u00a0or heads of non-profit associations who are vital to the continuation of the institution.<\/li>\n<li>Owners that want to plan for the successful\u00a0business transition\u00a0of the company in the event of the death or disability of a shareholder, Significant problems can arise with death or disability of an equity partner. Chiefly, how is the surviving family member\u2019s share in the company going to be settled?<\/li>\n<\/ul>\nIn summary, a key person is anyone who has such an influence on the ongoing success of an entity or business where their premature death or disability could threaten the organization\u2019s existence.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7015ec7 e-con-full e-flex e-con e-child\" data-id=\"7015ec7\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4d02533 elementor-widget elementor-widget-heading\" data-id=\"4d02533\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Who needs a keyman insurance policy?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e3848d6 elementor-widget elementor-widget-text-editor\" data-id=\"e3848d6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Businesses or organizations desiring to minimize risk and prevent the potentially devastating effects of the death or disability of a critically important person should buy a keyman insurance policy.<\/p><p>It is needed by a wide variety of entities and for many reasons but is generally crucial to small and medium-sized businesses. These companies depend on the expertise and talents of a limited number of individuals. The death or disability of one key person may well be a fatal blow to the company. If the loss of one person would threaten your business, you should seriously consider purchasing one or more key person insurance options.<\/p><p>Building a successful business takes years and considerable effort. Lack of planning can cost you significant energy and investment and is simply not a sound business practice. The great news is the\u00a0cost of keyman insurance coverage\u00a0is relatively inexpensive, and it is easy to obtain in most cases!<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-26fb928 e-con-full e-flex e-con e-child\" data-id=\"26fb928\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ac95119 elementor-widget elementor-widget-heading\" data-id=\"ac95119\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Why buy key man insurance?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-00492c1 elementor-widget elementor-widget-text-editor\" data-id=\"00492c1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Key man insurance is a simple solution to a potentially catastrophic problem. It is an inexpensive tool to protect a corporation or other business entity from the damaging effects of the loss of a key employee or business owner. It is also a logical way to ensure that a business can retain options and flexibility if a key person dies or is disabled.<\/p><p>Without a key man insurance policy, options may include hiring and training a replacement employee, paying the business debt and liquidating the company, or \u201cbuying time\u201d to sell the company at its fair market value. Most businesses have no option other than to close the business or sell it to a competitor at a significantly reduced \u201cfire sale\u201d price. With the relatively low costs to acquire a key man insurance policy, there is no reason to postpone planning for this potential crisis.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-4190458 e-con-full e-flex e-con e-child\" data-id=\"4190458\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0136c98 elementor-widget elementor-widget-heading\" data-id=\"0136c98\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Key man policy uses<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6c3ea45 elementor-widget elementor-widget-text-editor\" data-id=\"6c3ea45\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tThere are many reasons to buy key man life and disability coverage. The primary uses include:\n\n<ol><li>To ensure cash is available to recruit and train a capable replacement employee<\/li>\n<li>As a collateral requirement to guarantee an\u00a0SBA loan<\/li>\n<li>Providing liquidity to meet unexpected cash flow expenditures until a disabled employee can recover<\/li>\n<li>Creating immediate cash to pay off debt<\/li>\n<li>Buying back stock from a deceased or disabled owner\u2019s estate<\/li>\n<li>Salary continuation arrangements to surviving spouse<\/li>\n<li>Executive benefits to key employees to help tie them to your company, commonly referred to as \u201cGolden Handcuffs.\u201d<\/li>\n<\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-cb35982 e-con-full e-flex e-con e-child\" data-id=\"cb35982\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-9f73b4f elementor-widget elementor-widget-heading\" data-id=\"9f73b4f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Key Man Insurance Policy Types<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcc225d elementor-widget elementor-widget-text-editor\" data-id=\"bcc225d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Simply stated, key man insurance is a fundamental risk management strategy for all types of small and medium-sized businesses. It has been a well known concept for many years and is crucial for any company that would be significantly affected by the loss of one or two key people.<\/p><p>There are a number of\u00a0<a href=\"https:\/\/www.keypersoninsurance.com\/key-man-insurance\/keyman-categories\/\" target=\"_blank\" rel=\"noopener\">key man insurance policies<\/a>, but they generally fall under two types:<\/p><ol><li><a href=\"https:\/\/www.keypersoninsurance.com\/life\/\" target=\"_blank\" rel=\"noopener\">Key Man Life Insurance<\/a>, and<\/li><li><a href=\"https:\/\/www.keypersoninsurance.com\/key-man-disability-insurance\/\" target=\"_blank\" rel=\"noopener\">Key Man Disability Insurance<\/a><\/li><\/ol><p>Key man life insurance works the same way as an ordinary life insurance policy. The primary difference is coverage is owned and paid for by a business with the business being named beneficiary. In the unfortunate event, the key person passes away, the death benefit or face amount is paid directly to the company.<\/p><p>There are many variations of key man life insurance, but the most popular type of policy is a 10-year term life plan. In many cases, there are options for no exam key man term insurance. See sample rates for key man insurance calculator below:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-9f54a71 e-con-full e-flex e-con e-child\" data-id=\"9f54a71\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6daa08b elementor-widget elementor-widget-heading\" data-id=\"6daa08b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">How Much Does Key Man Life Insurance Cost?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7a60c69 elementor-widget elementor-widget-html\" data-id=\"7a60c69\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"overflow-scroll\">\n<table border=\"1\" cellpadding=\"10\" cellspacing=\"0\">\n  <thead>\n    <tr>\n      <th>Age<\/th>\n      <th colspan=\"2\">$250,000 (Exam)<\/th>\n      <th colspan=\"2\">$250,000 (No Exam)<\/th>\n      <th colspan=\"2\">$500,000 (Exam)<\/th>\n      <th colspan=\"2\">$500,000 (No Exam)<\/th>\n    <\/tr>\n    <tr>\n      <th><\/th>\n      <th>M<\/th>\n      <th>F<\/th>\n      <th>M<\/th>\n      <th>F<\/th>\n      <th>M<\/th>\n      <th>F<\/th>\n      <th>M<\/th>\n      <th>F<\/th>\n    <\/tr>\n  <\/thead>\n  <tbody>\n    <tr>\n      <td>30<\/td>\n      <td>$107<\/td>\n      <td>$100<\/td>\n      <td>$154<\/td>\n      <td>$119<\/td>\n      <td>$155<\/td>\n      <td>$140<\/td>\n      <td>$210<\/td>\n      <td>$150<\/td>\n    <\/tr>\n    <tr>\n      <td>40<\/td>\n      <td>$127<\/td>\n      <td>$125<\/td>\n      <td>$187<\/td>\n      <td>$161<\/td>\n      <td>$195<\/td>\n      <td>$185<\/td>\n      <td>$273<\/td>\n      <td>$203<\/td>\n    <\/tr>\n    <tr>\n      <td>50<\/td>\n      <td>$275<\/td>\n      <td>$223<\/td>\n      <td>$312<\/td>\n      <td>$263<\/td>\n      <td>$395<\/td>\n      <td>$263<\/td>\n      <td>$485<\/td>\n      <td>$438<\/td>\n    <\/tr>\n    <tr>\n      <td>60<\/td>\n      <td>$663<\/td>\n      <td>$490<\/td>\n      <td>$785<\/td>\n      <td>$564<\/td>\n      <td>$1,225<\/td>\n      <td>$870<\/td>\n      <td>$1,463<\/td>\n      <td>$956<\/td>\n    <\/tr>\n    <tr>\n      <td>65<\/td>\n      <td>$1,105<\/td>\n      <td>$768<\/td>\n      <td>N\/A<\/td>\n      <td>N\/A<\/td>\n      <td>$2,110<\/td>\n      <td>$1,400<\/td>\n      <td>N\/A<\/td>\n      <td>N\/A<\/td>\n    <\/tr>\n  <\/tbody>\n<\/table>\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-13dfcdd elementor-widget elementor-widget-text-editor\" data-id=\"13dfcdd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The key man insurance calculator table above shows average rates for males and females in different age brackets, both for\u00a0<a href=\"https:\/\/www.keypersoninsurance.com\/insurance-examination-checklist\/\" target=\"_blank\" rel=\"noopener\">medical exam<\/a>\u00a0and no-exam key man insurance policies.<\/p><p>For alternative insurance amounts and term durations, you can get a custom\u00a0<a href=\"https:\/\/www.keypersoninsurance.com\/key-employee-insurance-quote\/\" target=\"_blank\" rel=\"noopener\">key man insurance quote instantly<\/a>\u00a0on this website. Our exclusive database contains key man life insurance rates for over 60 of the nation\u2019s\u00a0<a href=\"https:\/\/www.keypersoninsurance.com\/key-man-insurance-resources\/keyman-companies\/\" target=\"_blank\" rel=\"noopener\">best key man life insurance companies<\/a>. There are thousands of scenarios that you can compare within a few minutes.<\/p><p><a href=\"https:\/\/www.keypersoninsurance.com\/key-person-disability-insurance-a-comprehensive-guide\/\" target=\"_blank\" rel=\"noopener\">Keyman disability insurance<\/a>\u00a0is a risk management strategy designed specifically for the threat of a short-term loss of a key person due to a disabling accident or illness. These policies will provide cash to replace the value provided by the key person or to provide monthly income to hire a capable replacement. Like key man life insurance, a business owns the key man disability policy, pays the premium, and is the sole beneficiary.<\/p><p><a href=\"https:\/\/www.keypersoninsurance.com\/key-man-disability-insurance\/how-it-works\/\" target=\"_blank\" rel=\"noopener\">Key man disability insurance<\/a>\u00a0is a specialty policy and is therefore not offered by many traditional insurance companies. These policies are usually custom-designed for the exact needs of the business. Therefore, sample key man disability quotes are not available for comparison here but can be provided relatively quickly upon request.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-e40dfd6 e-con-full e-flex e-con e-child\" data-id=\"e40dfd6\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ffd2e8b elementor-widget elementor-widget-heading\" data-id=\"ffd2e8b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">How Much Key Man Insurance Coverage Will You Need?\n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cf4799a elementor-widget elementor-widget-text-editor\" data-id=\"cf4799a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Determining how much key man insurance coverage you may need to buy is not rocket science. However, you should spend some time brainstorming on why you are considering the insurance. You should ask yourself the question, \u201cWhy do I need key man insurance?\u201d The answer to this question will give you a great idea of the type and amount of coverage you should purchase. If you carefully consider the impact to your company from the death or disability of a key person, you can begin to understand the level of protection you need. The ultimate goal should be to get the right amount of insurance to achieve your company\u2019s objectives and not a dime more.<\/p><p>For more detailed information, see \u201c<a href=\"https:\/\/www.keypersoninsurance.com\/life\/#much\" target=\"_blank\" rel=\"noopener\">How much key man life insurance do I need?<\/a>\u201c<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-df8575d e-con-full e-flex e-con e-child\" data-id=\"df8575d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a609305 elementor-widget elementor-widget-heading\" data-id=\"a609305\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Advantages of Key Person Insurance Coverage<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e4850b3 elementor-widget elementor-widget-text-editor\" data-id=\"e4850b3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Included below are just a few of the many benefits to your business:<\/p><ol><li>Buying key man life and disability insurances are relatively inexpensive. In most cases, cheap term life insurance is a great solution.<\/li><li><a href=\"https:\/\/www.keypersoninsurance.com\/key-man-insurance-resources\/applying-process\/\" target=\"_blank\" rel=\"noopener\">Applying for key employee insurance policy<\/a>\u00a0is generally painless. There may be an exam required, but in some cases, there are even no-exam key man life insurance policies available.<\/li><li>Security and peace of mind knowing that the business is protected.<\/li><li>Proceeds of keyman life and disability insurance are generally received by the business income tax-free. \u00a0For more detailed information, see\u00a0<a href=\"https:\/\/www.keypersoninsurance.com\/taxation\/\" target=\"_blank\" rel=\"noopener\">key man insurance taxation<\/a>.<\/li><li>It can provide benefits to retain key executives.<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-16353d6 e-con-full e-flex e-con e-child\" data-id=\"16353d6\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c61dc12 elementor-widget elementor-widget-heading\" data-id=\"c61dc12\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">What a Key Man Insurance Policy Cannot Cover\n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-472a072 elementor-widget elementor-widget-text-editor\" data-id=\"472a072\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>While a key man insurance policy is a viable risk management strategy for many businesses, there are a few instances where it is not applicable.<\/p><p>A few of the examples include:<\/p><ol><li>It cannot be purchased to protect against an employee leaving your firm to work for a competitor. Unfortunately, this is not a definable risk.<\/li><li>It is usually not available to non-employees. In other words, 1099 contractors are generally not insurable under the key man insurance scenario as insurers feel like capable replacements are readily available for hire. There are exceptions under \u201cexclusive\u201d special contractual arrangements.<\/li><li>It is not critical to cover a non-key person. For example, key person insurance is not usually available for the position of office assistant as a capable replacement is not too difficult or costly to find.<\/li><li>Key man insurance is not a solution in any other situation where an\u00a0<a href=\"https:\/\/www.investopedia.com\/terms\/i\/insurable-interest.asp\" target=\"_blank\" rel=\"noopener\">insurable interest<\/a>\u00a0is not present. An insurable interest exists when the death or disability of a person would cause the business to suffer a significant financial loss.<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f614a90 e-con-full e-flex e-con e-child\" data-id=\"f614a90\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2b3f5dd elementor-widget elementor-widget-heading\" data-id=\"2b3f5dd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Protect Your Business Today with Key Man Insurance!\n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e9e9a26 elementor-widget elementor-widget-text-editor\" data-id=\"e9e9a26\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>As a business owner, chief financial officer, or board member, you have a responsibility to make sure you minimize business risk. Keyman insurance is a cost-effective way to eliminate the unnecessary risk associated with the disability or death of a critical contributor to your organization.<\/p><p>Whether your business is a start-up trying to secure financing or an established company requiring\u00a0<a href=\"https:\/\/www.keypersoninsurance.com\/succession-planning\/\" target=\"_blank\" rel=\"noopener\">business succession planning<\/a>, our insurance professionals have the expertise needed to ensure your company gets a superior solution at the absolute best value.<\/p><p>A well-structured key man insurance policy could very well be the difference between your company\u2019s continued success and its ultimate demise. The obligation to mitigate key man risk is your responsibility. Visit our\u00a0<a href=\"https:\/\/www.keypersoninsurance.com\/blog\/\" target=\"_blank\" rel=\"noopener\">blog<\/a>\u00a0to learn more about key man insurance.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>What is key man insurance? Key man insurance, a.k.a. key person or key employee insurance, is coverage that will protect a business in the case of an untimely death or disability of a top salesperson, executive, or business owner. The loss of a top manager or executive to a disabling injury or death would have [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-7","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/webdesign.quoteplicity.com\/keyperson\/wp-json\/wp\/v2\/pages\/7","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/webdesign.quoteplicity.com\/keyperson\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/webdesign.quoteplicity.com\/keyperson\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/webdesign.quoteplicity.com\/keyperson\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/webdesign.quoteplicity.com\/keyperson\/wp-json\/wp\/v2\/comments?post=7"}],"version-history":[{"count":79,"href":"https:\/\/webdesign.quoteplicity.com\/keyperson\/wp-json\/wp\/v2\/pages\/7\/revisions"}],"predecessor-version":[{"id":957,"href":"https:\/\/webdesign.quoteplicity.com\/keyperson\/wp-json\/wp\/v2\/pages\/7\/revisions\/957"}],"wp:attachment":[{"href":"https:\/\/webdesign.quoteplicity.com\/keyperson\/wp-json\/wp\/v2\/media?parent=7"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}