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Key-Person Insurance

Protection for your Business

Employees are valuable assets and the loss of some key employees could significantly impact the ability of your company to sustain itself and maintain profitability.

What is key-person insurance?

Key-person insurance is a life insurance policy purchased by an employer on the life of a key employee to help protect the business from the financial loss resulting from that critical employee’s death.  Basically, it is coverage that can provide a business with a cash cushion in the event of an untimely death of an important employee and can help creditors, employees, and shareholders remain comfortable about the business’ long-term stability and vitality.

Who is a key person?

A key person can be a business owner, a successful sale rep, a high level manager, or other individuals whose daily contributions are key to the success of the business.

Why use life insurance?

Life insurance is the one financial instrument that provides the necessary funds at precisely the time they are needed most.  While it may not be possible to completely replace the contributions the employee made to the business, insurance coverage can help ensure that the businesses will have funds to stay in business, assure customers that the business will continue to operate as usual, cover the expense of finding and training a suitable replacement, and more.  The business is the owner, pays the premiums, and is the beneficiary.

Why choose Richard S. Bernstein & Associates?

As business owners, we understand how important your business is to you.  Richard S. Bernstein & Associates will help you achieve peace of mind knowing that if the unexpected happens, your business can still succeed.  Our team of professionals works with a full array of carriers to get the absolute best offers for the lowest premium cost.  We’ve been helping business professionals like you for over 40 years to protect the businesses they have worked so hard to create.