Key Person Life Insurance

Part of running a company involves protecting the business against anything that could threaten its existence and future. If your business relies on a specific employee or a few key executives, you should take steps to ensure business survival in the event of the death or disability of that key personnel. Key person life insurance provides benefits that pay upon a key employee’s death or inability to work, providing your company with the funds it needs to survive the loss, while implementing a new plan of action.

ENSURE YOUR BUSINESSSURVIVES THE LOSS OF A KEY EMPLOYEE

Unfortunately, the death of a single vital executive or a few key employees can bring about the death of an entire company. With key person life insurance, your business will receive funds to survive and reestablish itself after such a loss.

Protect Against the Loss of a Key Individual

Top salespeople and executives, intellectual property owners, and other income generators are crucial to the success of your business. Make sure your business is insured against the financial consequences of their death or inability to work.

Pay Creditors and Employees

Paying business payroll and bills is imperative to your company’s survival. With key person life insurance, you don’t need to wonder where you’ll get the funds to cover these basics after the loss of your most important employee.

Replace Lost Income as You Regroup

If your business loses a vital employee, you’ll need time to formulate a plan to replace that lost income. Key person life insurance provides funds to replace the lost income as your business reestablishes itself.

Locate and Recruit Replacements

Finding and recruiting high-caliber vital employees is a time-consuming and expensive process. Key person life insurance helps cover the costs involved in replacing your key executives.
The loss of a key, income-generating employee or executive spells serious financial hardship—possibly death—for your business. To make sure your business can survive such an unfortunate event, you need insurance protection that provides benefits to cover costs, identify replacement staff, and replace lost income as you work to secure the long-term health of the company. Key person life insurance provides much-needed funds to keep your business alive after the death or disability of a key employee.

GUIDANCE CHOOSING THE BESTPLAN TO PROTECT YOUR BUSINESS

Experienced Recommendations

Your SWBC advisor will help you evaluate the available options, choose the best plan design to protect your business, and select a timeframe and coverage details.

Benefit Calculations and Assistance

SWBC’s advisors will guide you in calculating and selecting a benefit that will help your business cover its costs while taking steps to remain in business.

Succession Planning Help

Your SWBC advisor can help with succession planning to prepare before you lose a key employee and guide you in steps to follow in the event of a key employee death and key person life insurance claim.

Your key executives and employees, no doubt, bring tremendous value to your organization. However, as we all know, life happens. Let SWBC's experienced advisors help your business plan and prepare to move forward without your key employees should the need arise.

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