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key person insurance - 1 dictionary result
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Key Person Insurance

A type of life insurance policy that a company purchases on the life of the company's key executive.

Investopedia Commentary

The company is the beneficiary of the plan and therefore pays the insurance policy premiums. Key-person insurance is needed if the sudden loss of a key executive would have a large negative effect on the company's operations. The payout provided from the death of the executive essentially buys the company time to find a new person or to implement other strategies to save the business.

Also known as Key Man Insurance, Key Woman Insurance, or Business Life Insurance.

See also: Beneficiary, Life Expectancy, Life Insurance

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