Most companies have at least one person whose skills are vital to the success of the business, such as an owner, partner or employee. Key person insurance is used to protect a business from financial loss at the death of a key employee and avoid serious consequences like loss of credit and key accounts, diminished earnings, or unexpected replacement costs.
Even better, life insurance proceeds are generally free of federal income tax which can help offset losses to a business or help hire and train a replacement.
North American’s life insurance policies may be a fit to help your business insure the key people who are essential to your business’ success. Talk to your financial professional today about a key life insurance policy with North American.
Find out more about North American life insurance today: https://www.northamericancompany.com