Key Man Life Insurance

Is Your Business Adequately Protected?
Plan Your Company’s Future Today!

KeyMan InsuranceCould your company recover from the loss of a key executive or key employee? Who will run your company when you or a business partner decides to retire? What if your top salesperson or partner becomes permanently disabled? Do you have a plan? MEG Financial specializes in securing the best key man insurance, to help companies of all sizes protect their essential business assets.

How Can Keyman Insurance Help?

MEG Financial provides competitive solutions to meet the following business insurance needs:

Key Man Life Insurance

– If one of your top revenue generators unexpectedly dies in an accident next week, what impact would that have on your business? Key Man insurance is specifically designed to protect your company from the threat of death of one of your key people.

Licensed in all 50 states and representing over 75 top key man insurance companies, we shop the marketplace to uncover the best keyman life insurance policies for your key employees and executives, assuring that your business is protected at the absolute best value.

Disability Income Insurance

- Disability insurance is without a doubt the most overlooked keyman insurance by business owners and companies. Ironically, at most ages, the chance of becoming disabled is significantly higher than death. Do not fail to plan for a disabling accident or illness!

Disability coverage comes in many forms and the type of policy you need ultimately depends on who you are trying to protect. We offer custom quotes to cover all disability insurance needs including key employee disability insurance, individual disability income insurance, disability buy-out insurance and business overhead expense insurance. The key to securing the best disability policy is to work with experienced professionals, and we have helped thousands of individuals and businesses find their top disability or keyman insurance options.

Business Continuation and Succession Planning

- Studies routinely show that most small business owners have the majority of their assets invested in their company. This is a reasonable strategy, especially if the rates of return are higher than other alternative investments. However, what happens if a business owner dies unexpectedly? How can the deceased owner’s family or estate get the equity out of the business without depleting the company’s assets? Also, what happens when one of the partners in your firm wants to retire?

The importance of a continuation plan which includes an exit strategy cannot be understated. A properly funded buy-sell agreement will provide liquidity when it is needed most and assure that your company can continue without the complications associated by not planning. Do you have a business succession plan?

Executive Benefits

- Retaining top employees is crucial to all companies. In fact, in many cases employees are a business’ most important assets. Retaining the individuals should be of the highest priority and executive benefit planning can help reward your top performers and at the same time, tie them more closely to your business. Whether your business is a start-up firm needing key man insurance to secure financing or an established company implementing a business continuation plan, MEG Financial provides the keyman life insurance and disability insurance expertise required to assure your company gets superior protection at the absolute best value.

A well-structured key man insurance policy could be the difference between a company that continues operations uninterrupted and one that closes its doors. Is your company prepared?

Free Key Man Insurance Quote

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16 Responses to “Key Man Life Insurance”

  1. Jerome S. says:

    Sorry if this is a redundant question, but what exactly is keyman insurance? I’m having trouble understanding.

    • admin says:

      Hello Jerome,

      No problem, it can be a complicated topic. Basically, keyman insurance provides coverage that protects a company in case of an untimely death or disability of a top employee, like a salesman or business owner. This protects the business from whatever sudden losses that may come from that employee’s death. Many individuals believe this is simply life insurance, but it’s much, much different.

      If you have any further questions, please contact us. We’re happy to help.

  2. mikael. says:

    what are the differences between key person and key man?

    • admin says:

      Hello Mikael,

      “Key man insurance” and “key person insurance” are two different names for the same service. They are sometimes also written as “keyman insurance” and “keyperson insurance,” respectively.

      Other than that, there is no difference. Both offer the same protective coverage for business owners to defend against the untimely death or disability of a crucial employee.

  3. Jeffery Mason says:

    what’s the difference between keyman insurance and disability insurance?

    • admin says:

      Hello Jeffery,

      It depends on the specific kinds of disability insurance being compared to keyman insurance. For example, individual disability insurance typically covers the person purchasing the insurance, thus protecting that person if for any reason they cannot work. This is drastically different than keyman insurance, which is often purchased for someone by an employer, thus protecting the business if for any reason that individual cannot work.

      Again, it depends on the specific insurances being compared. Feel free to contact us for a more in-depth answer.

  4. michelle erikson says:

    I own a small on-line business. Im wondering if business planning is helpful. Please respond.

    • admin says:

      Hello Michelle,

      Business Succession and Business Continuation Planning are both vital for any business owner, but the following questions should be answered before moving forward:

      1. What are your personal goals? Will you sell the company, retire, or operate the company part- or full-time?
      2. Do you intend to transfer the business to a family member, or sell it to employees or a third-party organization?
      3. Have you thought about your business desires if you were to die or become disabled?
      4. Where will your retirement funds come from?
      5. How much do you value the business?
      6. Can you easily find a buyer for the company, if necessary?

  5. Alyssa Phillips says:

    do keyman insurance companies classify people into categories like other insurance companies ??? please let me know. i smoke but don’t drink….

    • admin says:

      Hello Alyssa,

      Keyman insurance companies do in fact categorize people based upon health. And unfortunately, one of the largest determining factors is whether or not an individual smokes or uses nicotine. This simple habit drastically increases the amount one pays for keyman insurance. Other factors include family medical history, blood pressure, and hazardous hobbies/activities.

      Please contact us if you have further questions or concerns.

  6. Kendra Smith says:

    Hi,

    Really love the site, lots of information, but how hard is it to apply for keyman insurance? Insurance always seems to be difficult.

    Thanks!

    -Kendra

    • admin says:

      Hello Kendra,

      Thanks for the compliment! The actual process of applying for keyman insurance takes approximately 90 minutes. First, an insurance company interviews you over the phone, followed by emailing you an application form. After you return the form, there’s a mini physical exam for the individual being insured, and then an insurance official examines all requested information. Finally, if everything looks good, the insurance company approves your application.

      It’s a fast, simple process that could save your business in the future.

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