What is key person insurance?
Key person insurance (also known as key man or key employee insurance) is a life or disability insurance policy that a business takes out on essential personnel, including managers, executives, and owners. The corporation is the owner and beneficiary of the key person policy.
What does key person insurance cover?
Key person insurance policy payouts can be used for any purpose. Many common uses are listed below.
- Lost revenue
- Debt service
- Hiring a key person’s replacement
- Redemption of a business partner’s interest
- Monthly overhead costs
- Paying back investors
Benefits of key person insurance
Give your company the financial means to continue business as usual if a key person is lost.
Ensure that your business has the liquidity to not only cover expenses, but also to find the eventual replacement key person.
Key person insurance on partners of a firm is often a requirement for any significant loan or investment.
Why Blue Herring?
We expect more from the life and disability insurance industry. So should you. Our fiduciary- and attorney-preferred independent underwriting model gives businesses the transparency and leverage they need to get the right policies for their key person insurance plans, at significantly lower prices.
- We comparison-shop real prices for your company’s key person insurance policies — not quotes based on incomplete information.
- We tell you everything you need to make the best decision, and we’ll share industry secrets you should know before you buy.
- We operate as a team with companies looking for the best key person insurance policies at the best price.
Meet your match.
Our extensive network of small, large, mutual, and public carriers positions us to find the best policy at the best price.
How to get started
Blue Herring is revolutionizing insurance sales with an unbiased, independent underwriting model that saves your company money.
Key person insurance calculator
Instead of a basic multiple, we use our own proprietary formula to calculate the true financial impact of the loss of a key person to guide you in determining how much key person insurance you should buy.
Don’t take our word for it.
Hear from the clients who’ve experienced the Blue Herring difference.