Protect Your Business From the Loss of a Key Employee

Is your business protected if the unexpected happens and one of your key employees passes away?


Protect Your Business from the Loss of a Key Employee

[video: Text appears that reads "Kiplinger presents Protect Your Business From the Loss of a Key Employee" followed by "Sponsored by Mutual of Omaha". A business man appears talking to the camera. In the lower left corner, it reads "a special report from Kiplinger's Personal Finance". As the man speaks, illustrations of business people appear. A woman with the text "co-founder" below, a man with the text "sales leader" below, and a woman with the text "mvp" below.]

Many businesses have one or two people they can’t do without. Maybe they’re co‐founders. A top sales leader. Or an all‐around MVP who runs daily operations. No one likes thinking about worst‐case scenarios.

But what would happen to your company if you or one of your right‐hand people suddenly died? The fact is … losing a key employee is more common than experiencing a natural disaster or fire. And the results can be devastating.

Fortunately, you can use life insurance to help protect your business in situations just like this. Proceeds from a policy can provide a financial cushion, buying the company time to reduce the potential disruption.

[video: Text appears atop the screen that says "your business" with a box below with further text denoting "life insurance policy" arrows then animate downwards pointing at a singular business man and then changing to multiple business men and women. The screen then transitions to text atop the page that reads "your business" pointing to "premiums" and then pointing to "life insurance policy". Another set of arrows point from "life insurance policy" to "death benefit" and again back to "your business".]

It works like this. Your business purchases a life insurance policy on a single employee or a group of employees. It pays the premiums and is the beneficiary in the event of an employees death.

As the policy owner, your business can use the death benefit as it sees fit.

[video: Text appears that reads "you can use the benefit to cover recruiting & training of a successor" which then transitions to a line graph dipping with the text "sales" below.]

For example, proceeds can fund recruiting and training of a successor or offset a sales or profit dip you experience during the transition, and even more. So, safeguard the business you've built. Learn how key employee insurance can work for you.

[video: Text appears that reads "Kiplinger" followed by "Sponsored by Mutual of Omaha".]