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key person life insurance

Key person life insurance refers to a plan to provide benefits for the company should a key employee die.

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key person life insurance

Key person life insurance refers to a plan to provide benefits for the company should a key employee die.

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It can be owned by the company, and the company can be the beneficiary. In other cases, where there is a desire to provide a benefit for the employee, the death benefit can be split to include an amount for the company and an amount to benefit the surviving family members. Tax considerations are important here and should be considered by a tax professional.

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