At MIH Insurance Solutions we ensure clients and their families are financially protected through affordable life insurance products.
Key Person Insurance
Key Person Insurance is life and disability insurance, which covers a business owner or key employee. The business owns the policy, pays the premiums, and receives the payout if the key person dies or experiences a covered disability. This allows the business to continue and offset expenses and loss of income that can occur in the key person’s absence.
Do you need key person insurance?
It can take years to build up the expertise and knowledge needed to successfully run and grow a business. You can lose that expertise and knowledge in a heartbeat, quite literally, if a business owner or another key person passes away or becomes critically disabled. This needs to be a major consideration when looking at insurances related to your business, whether small or large scale, so the impact of the key person's absence is lessened through insurance.