Key Man Life Insurance Explained

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What is key man life insurance. Every business has one person or more than one person who can take credit for the success of the business. This person could be one who knows how to manage a business or it could be a salesman or sales manager. It could be an accountant who keeps abreast of the progress of the company.

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If there is an understudy a given company may do well. Of course this depends on how much the assistant who will take over knows at the point of death of the key man or key employee. While this person is being trained it is wise to have a life insurance policy on the life of the key man.

This money will help the business stay afloat while the trainee gets ready to take over. How much key person life insurance should a business owner buy on this persons life. The common practice is to make this about 5 years income. Your company may be ready before but 5 years income will keep you on the safe side.

What type of life insurance? Many small businesses use term life insurance, especially if the business is in it's embryonic stage. Term life insurance costs less than permanent insurance. Term life can be converted to permanent life insurance in most cases. That is if you choose to do so.

Some business people like to use non participating whole life insurance as there is a cash value available if the key employee doesn't die. The cash value may also be used to give this valued employee a gift on his or her retirement.

Every business should consider key man life insurance. The smart business owners do.

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