We’ve gathered the most essential key person insurance resources you’ll need to go from introductory research to a satisfied and insured business. Whether you’re curious how much coverage you need, what types, or even what company you want to work with, we’ve got you covered.
An Extensive Key Person Insurance Resources Guide
Within each section, we’ve put together a quick snippet of information to help guide you along the process, so you can feel confident you’re making the right move, every step of the way.
Valuing a Key Employee
Figuring out the correct the value of a key employee to your business is essential so sufficient funds will be available in the event of death or disability of the key person.
In order to determine the amount of Key man life insurance, try to estimate how much money would be required to replace the key employee and allow your company to operate at its normal levels.
Picking The Right Carrier
Choosing the right insurance company for your situation is not always as simple as going by price. The type of policy you need, the amount you need, and even who is going to own it can all make a difference.
For this reason, we use many different companies, and never just one.
Underwriting, And How To Get Approved
Our underwriting guide can provide the criteria insurance companies use to determine your health class. Because each company has their own specific underwriting guidelines, the choice of insurance policies will be affected by the way each respective company evaluates your health.
In addition to your health, there’s also a requirement to be able to be approved from a financial aspect. Financial underwriting for life insurance has several factors, and can get even more complicated when it’s for a business and its key partners.
The Process of Applying, Simplified
At MEG Financial, our objective is to help you secure the optimum policy at the absolute best value. Part of our commitment includes providing the critical information needed to obtain the best results.
Each stage in the process of applying for key person life or disability insurance is somewhat the same from company to company, but based on how much coverage you need (or if you’re in poor health), you may be required to do additional steps. In the opposite way, you may be able to skip a majority of underwriting in certain circumstances.