Key Person Life Insurance

Here at Union Insurance we understand what can happen to business when it suffers the loss of life of a key person, whether an owner or employee.

Key person life insurance helps offset:

• Reduced sales
• Lower profits
• Costs of recruiting a replacement
• Training a replacement

Key person life insurance can offer your company many benefits such as security so your business is protected from financial hardship as the result of a loss.

With key person insurance the company is the:

• Applicant
• Owner
• Beneficiary

The business is the premium payer for a policy on a key individual and no prior IRS approval is required.

At the time of a key person's death, the life insurance proceeds may be paid as tax-free income. If the key person stays with your company until retirement, the policy may be used as supplemental retirement income if written with a cash accumulation feature. Consult with a tax advisor for more information.

Insurance products provided by Union Insurance Group, LLC (UIG):