Key person insurance
Protecting critical people in a business.
Who this is for
- Founders and C-suite executives
- Businesses that depend on one or a few key people
- Partnerships and closely held companies
- Companies seeking continuity and financial protection
What it covers
Key person insurance is life (and sometimes disability) coverage on an individual whose death or incapacity would materially harm the business. The business is typically the owner and beneficiary. Proceeds can fund continuity, recruitment, or debt repayment. Structure and amount depend on the business’s needs; licensed professionals can advise.
Common use cases
- Business continuity after loss of a key leader
- Funding recruitment or transition costs
- Creditor or lender requirements
- Partner or shareholder protection
Structuring considerations
Business as owner and beneficiary, coordination with buy-sell or partnership agreements, and review when roles or ownership change. Licensed professionals we connect you with can advise on amount, ownership, and alignment with your agreements.
How Stead helps
We help you request the right key person coverage and connect you with properly licensed professionals. We do not sell or issue insurance. Coordination includes clarifying business needs, ownership, beneficiaries, and ongoing review.
Stead does not sell, place, negotiate, or bind insurance. We connect you with properly licensed professionals. Insurance products are offered by licensed third parties and subject to underwriting and state regulations.