The term "key person insurance" refers to a form of life insurance policy that a corporation buys on the lives of particular important people regarded as valuable assets or have shown to be critical to the firm, such as top executives or owners. "Business life insurance," "key woman insurance," and "key man insurance" are all terms used to describe this type of life insurance.
*Many insurances are available today, and key person insurance is crucial to safeguard the organisation.
*The importance of key person insurance is well-known. The firm will be able to use the insurance payments to cover costs until a replacement is found.
*A term policy gives a death benefit to a corporation if a key person dies while the policy is active. Premiums are fixed for the first 10, 20, or 30 years, based on the policy.
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