Key Person Life Insurance

What is key person insurance?

Key person insurance is life insurance on a vital person in your business. This could be the owners, the founders or even a key employee. 

It is important to recognize the difference between key person insurance and a personal life insurance policy. While a personal life insurance policy pays out to your beneficiaries, such as your spouse or family, a key person insurance policy pays out to the company.

Coverage Solutions

In the event of the death of a key person with coverage the payoff can be use to:

  • Cover expenses until replacement personal can be hired
  • Pay off debts, distribute money to investors
  • Pay severance to employees in the event of a sudden closure
  • Buy back ownership in the company
  • Avoid bankruptcy
  • & More

Additional Resources

Talk to one of our experts!

Kim Mondus
Kim Mondus

Kimberley Mondus
Life and Health Benefits Manager

In the insurance business since 1989, with almost 30 years in the insurance business, Kimberley Mondus started with John Hancock Insurance in the group health department, processing medical and dental claims, where she then became a claims auditor and trainer.
John Hancock group health was then purchased by Wellpoint's Unicare Insurance in 1996 where she continued to audit claims for large companies such as Com Ed and Abbott Labs. In 2000 she moved to the agency side of the business for Group Health and Life and has been there ever since. Kimberley joined the Concklin Insurance Agency family in 2015 and would like to continue to add to her knowledge of insurance with Commercial and Personal lines coverage as well. She is licensed in Life & Health as well as Property & Casualty.

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Michael Mormando
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Christine Lee

@Chrisitne Lee

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