Key Person Insurance

Key Person Insurance in Brampton

Key Person Insurance is nothing but Life insurance on a key employee, partner or proprietor on whom the continued successful operation of a business depends. The business is the beneficiary under the policy. Estimate what your business would be without the key person or persons. If the scene doesn’t look good, then Key Personal Insurance can help you make it look better for you.

Why Should an Organization buy a Key Person Insurance in Brampton?

For an Irreplaceable Asset
A business might pretty much stop without the Key Person. He can be the owner, the one who manages employees, the one who manages the key customers and so on.

For a Valuable Dormant Partner
In case of death of a key man, the company is paid money to cope up with the loss. break-content If the partnership has a valuable dormant partner who contributes quality money for the running of the business.

Tax Benefit
Although the premiums are paid from after-tax dollars, the benefit received is tax-free. For the executives earning high salaries, this policy can be given as a hike in salary and saves income tax. It becomes a great help to the business for their tax planning.

Key Employee Retention
Key Insurance Policy can be a great way to retain the Key Human Resource. It can be used as an employee benefit to the Key Employee during his/her service period.

Other Stakeholders Retention
Stakeholders can be very insecure about the efficient running of the business. The directors and shareholders can be ensured if the Key Person Insurance is insured.

Business Security and Planning
The death of the Key Person can cause your business to lose significant income. His/Her death can lead to the inability of paying back business debts. Your company would need top executive coverage for any merger also. Even banks require Key Person Insurance to provide business loans.

 

Key Person Disability Insurance

A business can also pick a Key Person Disability Insurance or Opt for this feature in a full-fledged Key Person Insurance, to avoid any business malfunctioning in case of the key person’s injury or sickness, and is under the regular and personal care of a physician and is unable to perform the important duties. It can be purchased for any person between the age 18-55, and the Insurance will be maintained until the key person turns 62 or leaves the business. Benefits can be availed after a different period of 1-2 months of total disability.

If you have a simple small business, you probably just need a simple key-person policy. We specialize in such policies and know the ins and outs and standard structures.