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Did You Know - Partner's Spouse

Did You Know...

You may be in business with your partner's spouse in the event of your partner's death. There Are Alternatives!

Nearly every business has key employees who are critical to the overall success and profitability of the business. We understand the importance of addressing this contingent liability, and tell the story to our clients and referrals.

Key employee life insurance is insurance on the life of a key employee, purchased to help reimburse an employer for the economic loss caused by the death of the employee. As such, key employee life insurance is not a specific type of life insurance policy; rather, it is an effective way for a business entity to use life insurance.

In general, a key employee can be anyone who--

1.  is responsible for management decisions.
2.  is highly paid.
3.  has a significant impact on sales.
4.  has a special rapport with customers and creditors.

Losses from a Key Employee's Death

A business can typically suffer in four ways if a key employee dies:

1. The death may cause a loss of management skill and experience.
2. There may be a disruption in sales or business production.
3. The business may experience credit difficulties.
4. Losses also surface from expenses associated with hiring and training a replacement for the key employee.

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