In most small and medium scale organizations
there is a certain key person or persons whose presence in the company matters
a lot and whose absence would prove a nightmare for the whole concern. This
person or persons may be an HR Manager, Project Manager, Marketing Manager,
Managing Director, or so. Such person(s) is referred to as key man or key
person in the organization. Life is uncertain and unpredictable, if due to some
unforeseen event a company losses its key person (in case of his death, permanent
disability, etc.), that would prove to be a heavy toll on the company’s
functioning and might even pose a threat to its very existence. Key Man Insurance provides a concrete
solution to this problem.
Under Key
man insurance, also called key person insurance, an organization takes an
insurance policy in the name of its key person(s) for which it pays premiums
and becomes the beneficiary. Now, in case the key person dies or becomes
incapacitated due to some unfortunate event, the key man insurance provides the funds or financial backup to support
the organization in such trying times. It makes for the costs incurred by the
company due to the loss of the key person and provides funds required to meet
the expenses on finding and acquiring the replacement for the key person. The key man insurance plays such a crucial
role for a small or medium concern that in absence of it, the death of the key
person would eventually result in the death of the concern.
Wallace Insurance
& Benefits is an established insurance firm that provides various types of
insurance policies like Key Man
Insurance,
Family Life Insurance, Health Insurance in Massachusetts, and
various others. They specialize in providing insurance covers like key person
insurance and Massachusetts Health
Insurance policies. For more information about their insurance plans, you
may visit: http://wallaceinsuranceandbenefits.com/
