For many businesses, key person life insurance is critical to their risk mitigation strategy. This type of insurance solution helps to reduce the financial hardship that may occur upon the death of an essential employee, such as a top salesperson. This was the case for one Lower Mainland business that set up a life insurance policy on a key person with 50% of the proceeds going to the company and 50% going to the employee’s spouse.
The policy had been in place for over 20 years and the original sales agent of the policy had since died. Our advisors […]
