Group life insurance is a type of life insurance in which a single contract covers an entire group of people. Typically, the policy owner is an employer or an entity such as a labor organization, and the policy covers the employees or members of the group. Group Life insurance is typically offered as a piece of a larger employer or membership benefit package.
Key Person Insurance
Key Person Insurance protects against the loss of indispensable employees. Every successful business has at least one key employee or contributor who is indispensable. In a small company, the only key employees may be the owner or co-owners. In any case, the key employee is so valuable to the business that his or her death would threaten the survival of the firm. A key-employee life policy indemnifies the firm against such a loss, providing liquidity to sustain cash flow, keep accounts current, and cover the expenses of seeking and training a suitable replacement.
