Protection for key executives and your most valued employees
What would happen to your organization if the top person were suddenly no longer able to perform his or her duties? Could that person be easily replaced? Key Person Benefits can help protect your organization and avoid loss of business and profits. It can also protect the key person’s family and income in the event of a tragic illness or death, as typical group life and disability insurance offered to employees usually only cover a fraction of a key executive’s high income.
Triad Insurance Group can tailor a key benefit program to wrap around your regular group plan offering.
Examples of Key Person Benefits
Key Person Life Insurance
Key Person (Key Man) Life Insurance is designed to protect your business should one of the main partners pass away unexpectedly. This policy will name your business as the beneficiary and premiums are billed under the business name. Benefits and premiums are tied the value you have established through financial records. Benefit payments are made to the business to help minimize financial loss should your business lose the insured (key personnel) due to death.
Business Overhead Disability
A Business Overhead Disability policy prevents businesses from going under from regular overhead expenses while the business owner is unable to work and run the business due to disability. These types of policies will typically pay for things like employee salaries, rent and utilities, among other expenses.
Buy-Sell Agreements are intended to protect a business after the death of a key employee. Buy-Sell Agreements (also known as Continuation Agreements) are tied to and funded by life insurance policies. The agreement sets out the details of the transfer of business interest by the key-person (or his/her estate) upon a certain triggering event–usually death, disability and retirement. The surviving or continuing business owner or partner can rest assured knowing that they will be able to purchase the key-person share without interference from other survivors of the key person and his/her estate.
Medical Reimbursement & Indemnity Plans
An executive medical reimbursement plans is a supplemental, group executive medical expense reimbursement insurance policy. It allows employers to reimburse their key employees for medical expenses not otherwise covered by regular group health insurance. In addition to covering deductibles, this type of policy covers a range of services including prescription and over- the-counter drugs, dental and vision expenses, hospital expenses and more.