Ever wonder what is Key Person/Key Man (as it is sometimes called) insurance and why lenders often require it? Essentially key insurance is a life insurance policy on the key person involved in the business, in most cases it is the business owner. If you the business owner were no longer around, the business would suffer or even worse fold. It makes sense to protect your business against any loss that might occur if that key person passes away. In simple terms, if the key person were pass away the cash from the death benefit would cover expenses needed to keep the business running or pay off debts to employees and or investors. Click here to read more about what key person is and its importance.
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