Key Person Insurance
A “key person” is a person working for the business or an owner with less than 51% ownership of the business. Key person coverage provides income to the business if a key employee becomes disabled Coverage is payable to the employer or business. The business determines how to utilize the benefit.
Issue ages: 18-55
Issue amounts: up to two times salary.
Issue limits: $500,000, with standard carriers. High limit coverage available as well
Benefit periods: lump sum or lump sum with a monthly payout from 90 or 180 days