Key Employee Insurance
Every business has key employees who are critical to the overall profitability and success of the enterprise.
Key employee life insurance works like individual insurance, except the business owns the policy and pays the premium. If the insured dies, the business is the beneficiary and receives the policy payout.
The proceeds can be used to offset for lost profits or pay off debt; and allow adequate time to find a replacement for the individual and get things back up to speed. The money may also be used to buy out the deceased’s share in the company when used to find a buy-sell agreement.
Key employee insurance is also used as an incentive to retain essential employees by making a portion of the benefits payable to the employee’s family. Utilized in this fashion, key employee insurance can become an important part of your company’s benefits package.
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Securities and Insurance products offered through LPL Financial and its affiliates, Member FINRA / SIPC. International Bank of Commerce is not a registered broker dealer and is not affiliated with LPL Financial.
NOT A DEPOSIT | NOT FDIC-INSURED | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY | NOT GUARANTEED BY BANK | MAY LOSE VALUE
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