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Key Person Insurance

i-have-a-nice-plan-1240530-1280x960Key Person insurance is very beneficial when it comes to protecting your business. It is essential to think about what would have to the company you own or operate if you or one of your employees were unable to perform what the business heavily depends on. It could lead to the business not being profitable and failure.

The company depends on a few key people within a business. These people, also known as Key Persons, often work above-average time commitments and would be very difficult to replace quickly. The loss of a Key Person can lead to a business’s downfall because now there is no support or direction provided. This would result in a decline in sales and revenues and bankruptcy.

Protecting your family with life and disability insurance is ubiquitous if you can no longer earn a living. This should also be considered for your business as well. Critical Person insurance is a life or disability insurance policy placed on the company’s owner, director or Key employee who is crucial to the performance of the business. In this policy, the industry is the beneficiary. This policy will provide sufficient needed funds in the case of an absence of a Key Person.

Key Person’s insurance is critical to have for a business. You will need the funds and resources when an unexpected absence of a key employee occurs. The company should not suffer failure due to a lack of planning.


Disclaimer: Insurance, Investment and Mortgage products & services are provided by Devangkumar Shah.
Mutual Funds are sold through Shah Financial Planning Inc., the Mutual Fund Dealer.
Lotus Loans and Mortgage ltd. is the principal mortgage broker.

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