Terry Bork CLU ChFC, President   |   Aurum Insurance Services   |   D: 440-605-7230   |   C: 440-666-6032   |   tbork@auruminsurance.com   |   www.auruminsurance.com

Protect Your Business from the Loss of a Key Employee

Your Challenge

The death of a key employee can cause serious problems to your business, such as lost sales, lower earnings and added costs for hiring and training a replacement.

A Potential Solution

Key employee life insurance provides a death benefit that can help your business replace these costs and operate smoothly after losing a key employee.

How Key Employee Life Insurance Works

The business purchases a life insurance policy on the key employee and names itself as the policy’s beneficiary.

The key employee must provide written consent prior to issue of the life insurance contract.

Upon death of the key employee, the business receives the death benefit and uses it for related business expenses or losses.

Benefits To The Company

  • Helps protect your business from losses caused by death of a key employee
  • Can also be used to fund entity redemption buy-sell, nonqualified deferred compensation and split-dollar agreements
  • The death benefit provides tax-free income to the business
  • Business can use the policy’s cash value in case of an emergency
  • Policy can be terminated or transferred if a key employee leaves the business

Interested In Having A Conversation?

Contact Me ➤