Key Person Life Insurance
Life insurance is typically considered to be a “personal insurance” coverage, but it can have some very valuable uses for businesses as well.
One such use is key person insurance. Key person insurance is exactly what it sounds. The business, or business owner, recognizes that they have an individual who, if they should suddenly die, would create a tremendous amount of loss or extra expense to the business. The key person might be the company president, or an engineer with intellectual property, a top sales person with deep industry connections, a person with unique skills who are heading up a project, or just about anyone your business recognizes as a nearly irreplaceable part of the business.
The loss of this employee might mean the loss of profits, or the loss of opportunities, or they just might be extremely hard to replace – requiring a national job search, signing bonuses and other enticements to lure a replacement.
The taxation of benefits and ability to deduct premiums on key person life insurance can be a little tricky, and it’s best to work with your accountant in advance to make sure you understand the issues, but we can work with them to make sure any program we put in place meets your needs and expectations.
Call us today to schedule a consultation. (678) 252-0500
About Fairway Insurance Advisors
Fairway Insurance Advisors provides auto and homeowners and other personal insurance coverages, as well as business or commercial insurance to all of Georgia including: Roswell, Atlanta, Alpharetta, Johns Creek, Cumming, and Suwanee. We work with consumers, business owners and mortgage professionals to craft fair, reasonable programs of insurance.
Fairway - Leading You to a Path of Financial Protection.
Fairway Insurance Advisors is licensed in Georgia, North Carolina, South Carolina, Alabama, Virginia, Florida, and Tennessee. www.fairwayinsuranceadvisors.com