LIFE INSURANCE: KEYMAN COVERAGE

The Keyman Life Insurance policy covers the practice for the loss of the services of a partner, a working shareholder or a manager who is personally responsible for very important fucntions for the practice. The partners and auditor must determine the probable loss of income that would result from the loss of a Key person. That amount would determine the face value of the policy. The proceeds from the policy could help to offset the potential loss of income to the practice because the Key person is deceased and also could help offsert costs included in search for and training of a replacement.

The practice is the owner of the Keyman policy and also the payor of the premiums. Benefits are received by the practice tax-free because the premium paid is not tax deductible.

For additional information or to schedule an appointment with an InsMed representative, please complete our online form or call us at 800-214-7039.