Key Person benefits. Could be cover over the business owner/operator or as the name says, other "key people" in the business whose absence will affect company performance.
The business owns the policy, pays the premium and collects any payouts.
It could be a trauma lump sum policy or it could be life insurance policy.
It could be a total and permanent disability or "long term disability"
It could be an amount to cover temporary absence, enough to cover shareholder buyout under a "buyout agreement" or even an amount to cover business windup costs in the event the business is forced to close.
If you need assistance to calculate the amounts and types of cover don't hesitate to contact us