Following are some on the most frequently asked questions that we get on key person or key employee insurance. Some of these questions are answered directly in the articles on this site, so please click the appropriate links to get more detailed answers to your questions.
Q.) “How can I get a key employee insurance quote?”
A.) There are several ways to get a competitive key employee life quote. First, you can obtain a quote directly on this website by clicking here. You may also e-mail us your request at firstname.lastname@example.org. Finally, you can call our office toll free at (877) 583-3955 to speak directly with an independent insurance agent.
Q.) “What is the difference between key man life insurance an ordinary life insurance?”
A.) Most company’s use ordinary level term life insurance (usually 10-year level term) to solve their key person risk. This is exactly the same low cost term life coverage that you can buy online or from your local agent. The difference between key employee insurance and ordinary term life insurance is that the business is the policy owner, the premium payer and the beneficiary. In other words, a key employee policy is designed to benefit the business not the key person’s family.
Q.) “Why would my company consider key employee insurance?”
A.) There are many reasons to buy key man insurance but the most important circumstance where key man coverage is needed is if your business is highly dependent upon one or two very important employees for the majority of the company’s revenue. For more details see, “Should I Buy Key Employee Insurance?”
Q.) “How much key person insurance do I need?”
A.) Every business situation is unique and therefore a lot of questions should be asked to determine the right amount of coverage. The last thing that you want is to be under or over insured. You can visit, general guidelines for determining the amount of key employee insurance that you need located on this website for some ideas to help you make the right choice. You can also call toll free at (877) 583-3955 with specific questions.
Q.) “I want to buy a key man policy, what are the next steps”
Q.) “Is key person insurance a tax deductible business expense?”
Q.) “What if my key employee has a health condition?”
Q.) “What insurance companies do you represent?”
A.) We are life insurance brokers licensed to write life and disability insurance (including key employee coverage) in all 50 states and the District of Columbia. We represent over 80 of the nation’s most competitive and highly rated companies. Our express goal is to get you covered at the lowest rate with a strong insurance company.
A.) Buying a key man policy is just like applying for ordinary life insurance. A detailed description of the steps in the process of buying key employee coverage can be found here.
A.)You should definitely consult your CPA or accountant for all tax advice. However, the likelihood is that you will NOT want to deduct premiums your company pays for key employee insurance. See the article, “Taxes and Key Employee Insurance.”
A.) Over the last 19+ years, our company has helped thousands of businesses and individuals find affordable life and disability insurance. During this time, we have gone through the “underwriting process” over four thousand times. This experience has allowed us to become extremely proficient in understanding common (and uncommon) health conditions, identifying the key factors with each condition and negotiating the top available rates based on the specific circumstances. If you are seeking key person insurance on an employee that has health conditions, call NOW at toll free (877) 583-3955 and we will personally assist you!
The above Questions and Answers are just a few of the many that we can address. If you have additional question or wish to speak with an independent insurance agent regarding your specific case, please call today at (877) 583-3955.