Key Man Life Insurance: Why Your Small Business Needs It

Sourced from http://www.business-opportunities.biz/2018/04/15/key-man-life-insurance/

Key man life insurance is, to put it simply, life insurance that’s placed on a key person by a business. It protects the business from financial loss in case of the death of the key person.

The main difference between a traditional life insurance policy and a key man life insurance policy is that in a key man insurance policy the business is the owner, payer, and beneficiary of the plan.

 

Do You Need Key Man Life Insurance?

When you start a small business or are self-employed, you are the key man—even if you’re a woman.

You may have investors such as family and friends who would be financially affected if you were to die before they saw a return on their investment.

That’s because when you start a small business, you wear all of the hats. You’re the:

CEO
President
Vice President
HR
Accounting
Marketing
SEO
Compliance

In short, for anything your business requires, you are the person in charge. And if you die … Read More

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