Business Banking
Business Banking

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):

Are Not FDIC Insured Are Not Guaranteed by the Bank May Lose Value
Are Not a Deposit Are Not Insured by Any Federal Government Agency Are Not a Condition to Any Banking Service or Activity
Purchasable from any Agent or Company

Union Bank & Trust
Mailing Address:
P.O. Box 940
Ruther Glen, VA 22546