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Key Employee Life Insurance What Does Key Employee Life Insurance due? Key employee life insurance pays a death benefit to the company for whom the employee worked. Rather than the employee paying for this life insurance, the company pays the premium for the life insurance and collects when the employee dies. Although this is a rather unusual policy, it can save your company in a bind, and if you have a key employee, you should definitely consider taking out this policy. Deciding to Purchase Key Employee Life Insurance As you consider taking out a life insurance policy on your key employee, you will want to talk to the key employee whom you are considering covering. They should be part of this decision as well so that they do not feel that you are trying to take advantage of their death. After discussing the policy with the key employee and getting their permission to take out a policy on their life, you should begin looking for an insurance provider. Finding a Provider Many companies do not provide key employee life insurance. If you know that you will be needing to cover a key employee, you may want to take this into account as you look for an insurance company. Having insurance from a variety of providers can prove expensive and time consuming, so it is always better to use a single provider if possible. Finding a good provider is one of the most important choices you can make. You should talk to other businesses, especially those who have used key employee life insurance in the past, to find out who the quality insurance providers are for this area and what suggestions those who have formerly used this type of insurance give you. info@businessinsurancefinders.com |