Key Person Protection
Updated: May 20
Key Person Protection is a business insuring itself against the financial loss it would suffer if a key person in their business were to pass away or be diagnosed with a critical illness during the length of the policy.
The policy is owned and paid for by the employer, so any pay out is payable to the employer to help the business recover. The proceeds can be used to help replace lost profit or with finding and hiring a replacement employee to the business.
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