Key person insurance
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.
Related resources
401(k) investment options
Learn about your investment options and access resources to help you with your investment decisions.
Business debt and family income protection
We’re here to help protect the things that are most important to you—your family and your business.
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Business life insurance
You and your top employees are your business’s most important assets. Protect what you’ve worked so hard to build.
Individual life insurance
If you were to die unexpectedly, would your loved ones be financially secure? Protect your family’s future.
401(k) and other retirement plans
We have the 401(k) and other retirement plan options and services to help you and your employees plan for retirement.
