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As a business owner, you have to protect your business against risks such as losing a key employee. When you rely on key employees for the success of your business, what happens when you lose one?
Every business has key players who drive growth and success. Planning for what you’d do without them is an important part of your business continuation strategy – whether you’re just starting out or already expanding operations.
Is there a key employee in your business who, in the event of their untimely death, can create a major disruption that can be very costly for the business?
Identifying your Key People
Should this key employee pass away, the business will suffer some financial losses related to:
With key person insurance, you can transfer the risk of losing a key employee. The life insurance proceeds can help ensure there is liquid capital to allow the company to pay off creditors and cover the cost to the business of the key person’s loss. The availability of cash, along with a sound transition plan can help reassure employees, creditors, suppliers, and customers.
Notes:
1. Benefits indicated above are subject to contestability provisions, exclusions and/or provisions on pre-existing conditions, specific guidelines set by Sun Life and the actual provisions of the insurance policy contract.
2. Dividend earnings are not guaranteed.