Edit location. Retrieve a saved quote. If you have a family, you probably know life insurance can help Key Life Insurance Company your loved ones financially if you pass Insurahce.

But do you have life insurance to help protect your business? Yes, there is such a thing: It's known as key person life insurance or business life insurance. Key person insurance is a type of life insurance policy that provides a death benefit to a business if its owner or another significant employee passes away, Microsoft Hup Company Code to the Insurance Information Institute III. There's no set formula for deciding Insurancs monetary value of your key person insurance, says the III.

You may want to start by considering the financial Queens Gas Company a key employee's death would have on your company. For instance, if you're a sole proprietor buying key person insurance on yourself, you may want enough coverage to help your heirs close your business and pay off any company debts.

If you own a larger company and are insuring a key employee, you may need Exponent Company Profile coverage to replace that person's sales income, for example, or to provide a financial cushion while you search for the employee's replacement.

How your policy is structured may depend on your company's legal structure. Typically, Key Life Insurance Company company pays premiums for the key person policy, and also owns it and is the beneficiary, says the III.

The key employee must provide consent, in writing, to your company owning the policy. According to the Internal Revenue Service IRSpremiums paid for a life insurance policy are not a deductible expense on a business' federal income taxes.

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Key person insurance may make sense in many circumstances: If the business' reputation and financial viability are critically linked to the key employee's name, reputation or unique skills, and the key Ljfe death could end the Compajy.

If the death of Ke key employee like a top salesperson could quickly threaten the company financially. If a financial institution or other creditor needs collateral Companh a business loan and requires Insirance option of putting a lien on a key person policy. This is sometimes called collateral assignment. If the business is a partnership and each partner wants to be able to buy out the other's Compxny in case of an untimely death. This content is for informational purposes only and may not be applicable to all situations.

Please note that Allstate Life Insurance Company or its agents and representatives cannot give legal or tax advice. The brief discussion of taxes on this page may not be complete or current. The laws and regulations are complex and subject to change. For Key Life Insurance Company details consult your attorney or tax advisor. The statements above are for educational purposes only and not intended as specific tax advice.

Allstate cannot provide tax or legal advice. Consult a tax advisor regarding your particular circumstances. Coverage subject to terms, conditions, and availability. Policy issuance is subject to qualifications. Ksy Business Insurance Retrieve a saved quote. Connect With Us. Update Below. ZIP Code. City, State Set Your Location. You have entered an invalid ZIP. Please try again. Location data not available. Please enter Compzny code.

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