Key Person Insurance
Protect yourself, your key employees and your company.
What would happen to your company if you suddenly passed away? What about a key employee? How much would the value drop?
Do you have employees and their families relying on your company remaining in operation?
Key person insurance will ensure your company survives the unexpected by providing it with a tax-free injection of cash if you or a key employee suddenly passes away.
How does it work?
- You can pick a specific amount of insurance that covers the financial impact of losing a key employee.
- Your company pays for the premiums.
- The life insurance is paid tax-free to your corporation if a key employee passes away.
- Your company receives a credit to its capital dividend account, allowing for tax-free dividends to be paid out of your company.
- You can pay monthly or annually.
- Depending on your age and health, you may be able to get instant approval without providing medicals.