How Much Does Key Man Insurance Cost?
The premiums a business pays for key person life insurance coverage are the result of the insured party’s age, medical status, health history and many other factors, in addition to the term period and specific amount of key man (or woman) life insurance a company chooses to buy. But, don’t worry about the cost because we will help you shop and find the best key man life insurance rates from over 40 life insurance companies.
It is important for a company interested in purchasing key person life insurance to evaluate premiums and quotes involving different amounts of key man life insurance costs. A business needs to be mindful of its budget, and use a key man life insurance calculator, to determine how much money a company would need to attract and hire a new worker – without having problems paying the premiums, or accumulating more debt in general.
With regard to the payout of a key person life insurance policy, a business may also split the premium and the death benefit between itself and the spouse of the key man or woman. This arrangement provides a replacement income to a family, following the death of a breadwinner or the sole source of financial support for a household.