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Key Person Disability Insurance
Key Person Disability
Insurance can help.
Photo by Chelsea Oakes
Key Person Disability Insurance provides cash in the event that a key employee
becomes disabled due to an injury or illness. These proceeds would be crucial to the functioning of the business and to protect the company from financial hardships.
The company could use the funds to hire a temporary employee should the disabled employee's disability appear to be short-term, or in the case of a permanent disability, it could use the proceeds to help cover the cost of replacing the employee for the long term. Some of the costs include recruitment, training, and loss of revenue during this key employee's time off.
Some of the variables that influence the premiums include the key employee's age, gender, smoking status, occupation, elimination period, benefit period, and monthly indemnity.
For more information on key person disability insurance in Canada, please contact us at 1-866-899-4849 or visit our Disability Insurance Quote Page.
Tags: disability insurance, key person, Key person disability insurance
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