Key Person

Key person life insurance covers the life of an employee who is critical to the success and profitability of a business. The policy is purchased by the business, which is also the beneficiary, to help reimburse the business for economic loss when a key employee dies.

A key employee is an employee who contributes significantly to the financial success of the business. The employee - who may or may not be one of the owners - is anyone who is responsible for management decisions, is highly paid, has a significant impact on sales or has a special rapport with customers or creditors.

Call Borshoff & Associates today to learn more about key person life insurance and how it affects your business.

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