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 Key Person insurance is a very specific type of Life Insurance taken out by a company on one of it's executives or 'key' employees. In the event of the individual's demise, the company would receive a lump-sum benefit upon the death of the insured to help offset the cost of replacing the individual.
Although a relatively new insurance product, it is gaining in popularity quite quickly.
Key person insurance can also be utilized to fund partnership agreements, shareholder agreements and buy-sell agreements. In the event of the death of a partner, the company could receive enough funds to buyout the shares of the deceased.
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