Key Person Insurance is a type of a life insurance for a key person within a business, often times for the owner or the founder. A key person is an individual who plays a pivotal role in the success of the company.
This type of insurance is life insurance purchased by the company for one of its key employee, where the company pays the premium, and becomes the beneficiary of the policy. For instance when the employee dies, the company is protected, and the business in return receives the insurance payoff which can be used to hire /train the replacement of the key person employee. In essence, the benefit of Key Person Insurance is to ensure that the company still thrives even if the key individual is unable to work.
Best Planners Inc. will help you protect your business from any unexpected circumstances to vital individuals in your workplace. We service/cater all over Ontario and Alberta. Contact us, and let us see how we can help you! Protect the key people in your business with Key man insurance / key person protection from Jatinder Singh in Mississauga, Brampton, Oakville and Toronto.