Protect Your Business with Key Person Insurance
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Key Person Insurance is a life policy purchased on the life of key employees like owners, executives, top sales associates, or other critical employees. The policy is owned by the business so if something happens to that employee, the business would have the funds to rebuild and find a suitable replacement without financial concerns.
We know the process of setting up key person insurance can be confusing. Maybe you are wondering if you need it, who should pay for it, or how much is needed...let us help. If you have questions about setting up key person insurance, contact us for a free consultation now.
What does key person insurance cover?
- It protects the financial success and stability of the company when they are closely tied to the key employee and their skills.
- It protects shareholder interests and allows remaining partners to buy out the interests of the deceased.
- It offers a way to place a lien on a key person when a creditor needs collateral for a business loan.
- It protects your company's profits if the death of a key employee results in lost sales, project delays, and cancellations.
How much does Key Person Insurance cost?
The cost varies depending on the size of the policy, the type of business you do, the size of the business, and the role of the key employee. Additionally, the price of the policy will be affected by the age and health of the key person being insured, much like other life insurance policies. We can offer you multiple options and recommend the best policy to fit your business needs.
How much coverage should I purchase?
Our advisors will meet with you to discuss your business, the type of business you operate, the size of your business, and your goal in purchasing key person insurance. Using this information, our financial advisors can then make recommendations on the amount of coverage to purchase. This is not a one size fits all answer so it is important to discuss with an advisor to get the best plan to fit your business goals.
Who owns the key person policy and who gets the proceeds?
The typical key person policy is set up so the company is both owner and beneficiary.
Size of your business
Type of business
Since 1957, Hummel has been building its business on its uncompromising values of integrity, trust & hard work.
When it comes to life insurance, this means that your Hummel Financial Advisor knows how important this decision is and we are here to help you choose the best life insurance to protect your loved ones in case you're no longer there to do it yourself.
We're in the business of trust-building, not selling policies.
Hummel Group is a Trusted Choice Independent Agency.
To learn more about what this means for you, take a look at the Trusted Choice Pledge of Performance by clicking the Trusted Choice logo.
Trusted Choice is a Directory of Independent Insurance Agents and Brokers, and is not affiliated with The O.N. Equity Sales Company or O.N. Investment Management Company.
A Key Person Insurance policy is only one part of your business planning process, let the Financial Advisors at Hummel Group help you develop a comprehensive plan that meets your needs while considering things like:
Our Insurance Risk Advisors can help you with:
We’re based in northeast Ohio but serve clients all over the U.S. So no matter where you are, please reach out so we can help you!