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Key Employee Protection Planning

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Every business has key employees who are critical to their success and profitability.

Key employee life insurance helps reimburse an employer for the economic loss caused by the death of an important employee. Key employee life insurance is not a specific type of life insurance policy. Rather, it is an effective way for a business entity to use life insurance.

A key employee is anyone who the business considers to have an insurable interest, usually based upon the employee’s impact on the financial success of the business. Smaller companies tend to have a greater need for key employee insurance since they do not have a pool of employees to a choose replacement from if a key employee dies.

Usually a key employee is someone who is:

  • Responsible for management decisions
  • Highly paid
  • Has a significant impact on sales
  • Has a special rapport with customers and creditors