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Key Man Life Insurance


key man of a business looking out the windowKey Man Life Insurance is a life insurance type that companies and businesses get on their most valuable people and employees.

It can be the CEO, the owner of the business, a key scientist, a key engineer, or any other employee critical to the business operation.

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These key man/key person life insurance policies will pay the business the face amount of the policy in case of the death of the insured person.

With typical life insurance, a sum of money is given to one person (beneficiary) at the time of the policyholder’s death. This money can be used to pay off debt, be invested so that a family has a regular supply of income, pay for children's education, etc.

Business key man life insurance works in the same manner. If the key company person passes away, the insurance policy’s face value is then paid to the company - the beneficiary.

This money can be used to buy out the deceased employee’s company shares, pay off creditors, offer financial assistance to the surviving family members, or financing the search to find a replacement for the important key employee.

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With key employee insurance policies, business can go on as usual and financial backers will not worry about whether their investment will be lost during times of hardship

To qualify for keyman life insurance, an insurance agent or company comes in and offers rates to the business taking a number of items into consideration. The employee who wants the insurance will be asked for medical information including family history, a medical exam is usually necessary, and drug testing is normally requested.

During an insurance requested physical exam, you will be required to give a blood sample and urine sample. A registered nurse, doctor, or physician’s assistant will take a blood pressure reading, pulse, height, and weight. The blood sample is used to check cholesterol levels, thyroid function, liver function, and often HIV and other life threatening illnesses. The urine sample is used to screen for drug use and alcohol abuse and diabetes.

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When having a life insurence physical, give yourself a couple days without alcohol. This can help with the readings. Make sure you are drinking plenty of water; this can be very helpful with the urine test because you will actually be able to provide a sample. Many companies also recommend you do not eat anything for at least twelve hours before your blood is drawn so that they can get fasting (meaning unaltered from a sugary or greasy meal) readings.

 

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About The Author

Peter Smith has worked in the insurance business for over 15 years, first starting as an actuary, but now, dedicated only to helping people find the right life insurance coverage.