Key Person

Understanding Key Person Insurance

In the event of a key employee's demise, this insurance serves as a safeguard against significant financial repercussions. Our Mortgage Broker is dedicated to assisting you in identifying the most suitable solution for your business.

Determining Coverage Needs:The extent of Key Person Insurance required can be determined through various approaches. One method involves basing it on a multiple of the employee's salary or the profitability they generate. Alternatively, estimating the cost of staff replacement is another viable strategy.

Regardless of the chosen method, the priority is to ensure that the coverage maintains the business's financial stability and alleviates uncertainties during challenging periods. Key Person Insurance plays a pivotal role in preventing business losses while facilitating adjustments and adaptations.