The importance of your top employees
You know the hard work that goes into running your business. And you know the hard work your employees put in—especially those in key positions. Losing one of them could have a strong negative impact on your company. We can help protect the future of your business with key person protection.
Key Person Protection is a life insurance policy you take out on crucial employees—including yourself. It protects your business against the financial loss that would result from losing one of your top employees. Your business pays the premiums and if the insured dies, the benefit is paid to the business. This coverage can help you:
- Replace lost revenues and profits
- Hire and train a replacement
- Reinforce your company’s financial stability and maintain good credit standing
- Provide continuing support to the employee’s family
Key person protection is an opportunity to retain top employees with additional benefits. In addition to protecting your business, you can provide security to your employee’s family. With our golden handcuffs approach, you can encourage a key employee to stay with your company by offering some important benefits, such as:
- A continuing salary or lump sum payment for their family if the employee dies, or
- A bonus/deferred compensation, if they stay with your company for a certain period of time
However, your key person receives no benefit if he or she resigns prior to a specific date you’ve both agreed to.
Help protect the company you’ve worked so hard to build with our Key Person Protection Plan. We can help you keep your company running.