Friday, May 20, 2022

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Financial Strategies

Key Person Insurance


President, AIF

Imagine, receiving a phone call from the spouse of your business partner or star employee… “Grace is not coming into work today. She passed away last night unexpectedly.” A nightmare scenario on many levels. At a time when you are dealing with the personal and operational angst of losing a mission-critical partner, and in most cases a personal friend or loved one, the last thing you should be
worrying about is the financial stability of your company. How are you going to meet immediate client needs, are there financial obligations that need to be fulfilled to Grace’s family, not to mention how will this loss affect future revenue. These questions pile up quickly. Planning
for the unexpected is Business 101, but so few owners protect against this type of loss. Key Person Insurance is a simple yet widely overlooked risk mitigation tool. Having a financial safety net while coping with a traumatic event is worth the relatively small premium expense! ♦

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