Key Person Disability Insurance
Business owners usually have employees, colleagues or partners that they greatly rely on and these people become key players in running the business. Some business owners have employees, colleagues or partners with specific skills that are crucial to maintain their business and are impossible to replace.
What would happen in the event that these irreplaceable people experienced an accident where they became disabled?
Key Person Disability Insurance will help to prevent your business from a financial loss as a result of losing a key person while out on disability.
Covering Financial Losses
Key Person Disability Insurance is designed to help overcome the loss of an irreplaceable employee. Key Person Disability Insurance is coverage for the business. The payments are designed to help cover financial loss that your business experiences during your employees, colleague or partners rehabilitation. For example, if you have a partner or colleague that generates $1000 a week of income for your business your Key Person Disability Insurance Policy benefit could provide the business with the lost income.
Hiring Temporary Workers
Your Key Person Disability Insurance allows you the opportunity to use the funds to hire a temporary replacement for the disabled key person.
Purchasing Key Person Disability Insurance
You can purchase Key Person Disability Insurance for one or more key persons. The business will receive the policy benefit. The business will receive the policy proceeds up until the day the disabled person will be able to return to work or if they are permanently disabled, you replace them. Key Person Disability Insurance has a benefit period between 12 and 24 months.
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