What is Key Person Term Life Insurance?
Small businesses play a large part in our economy by keeping money flowing through our systems of commerce. Small businesses can often require a great deal of help after dealing with the loss of someone who is vital to the company. Luckily, there are options available that can make this transition less difficult, which makes them well worth learning about long before you ever have to use them. In small and medium sized businesses, a “key person” may be the business owner, a top-notch sales representative or the person who is charge of doing the business financing or accounting. What would happen to that company if one of these people were to die suddenly? More than likely, there would be a significant rough period of transition while the business struggled to locate a viable replacement. If the owner should happen to be the person who passed away, the company very well may expire right along with him or her. Losing the top sales person could mean losing important accounts or struggling
