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Key Person Life Insurance

Key person life insurance is needed if the sudden loss of a key executive would have a large negative effect on the company's operations. The payout provided from the death of the executive essentially buys the company time to find a new person or to implement other strategies to save the business. 

The reason this coverage is important is because the death of a key person in a small company often causes the immediate death of that company. The company can use the insurance proceeds for expenses until it can find a replacement person, or, if necessary, pay off debts, distribute money to investors, pay severance to employees and close the business down in an orderly manner. In a tragic situation, key man insurance gives the company some options other than immediate bankruptcy.

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5806 Old Pasco Rd. | Wesley Chapel, FL 33544 | Ph: 813.989.3791 | Fx: 813.422.5930 Powered by Insurance Website Builder