Tennessee Insurance Group: 90-Second Key Employee Insurance Quote Request

Whether your business is in Tennessee or anywhere else, the success of small to medium sized businesses usually depends upon the performance of just a few top-notch individuals that posses particular skills, knowledge, or abilities. These key employees are crucial to the long-term stability and success of any business and losing just one of them to death, or even injury or illness can be catastrophic.

Key employee insurance, also known as key man or key person insurance, is an important form of business insurance that protects from this type of loss. This type of coverage can be described as an insurance policy purchased by a business to compensate for financial loss due to the death or extended incapacity of a specified member of the business.

A key employee can be any person that is directly associated with the business. However, as mentioned above, a key employee must be one that possesses an extraordinary presence in the company.

A key employee insurance plan will not indemnify any actual monetary loss, but instead will provide a fixed monetary sum to offset any insurable loss as specified in the policy. There are a number of instances in which a key employee policy would be necessary for a business. Some examples are:

To secure business loans or banking facilities.
To protect against lost profits. A key employee plan can supplement company cash flow when a covered employee is lost due to illness, injury, or death.
To provide the ability to recruit and train a replacement for the key employee.
To compensate for the loss of opportunity to expand.
To protect shareholders and partnerships.

Any Tennessee company or corporation that purchased any of these types of coverage would be able to claim premiums paid as a business expense. Therefore, we strongly suggest that you confer with your organization's accountant concerning Tennessee business taxation.

It is important to note that any key employee policy will only extend to the limits of the specified employee’s usefulness to the company as the goal of this type of coverage is to compensate the business only for losses incurred, not what losses could have been.

There are two types of key employee insurance:

Key Employee Life Insurance
Key Employee Disability Insurance

Key Employee Life Insurance
Key employee life insurance is just like individual life insurance in that it insures the life of an individual, and if that individual should die it pays a benefit to the policy’s beneficiary. Where it differs from individual life insurance is that the insured’s employer is the purchaser, owner, and beneficiary of the policy.

Key Employee Disability Insurance
Much like key employee life insurance, key employee disability insurance insures a specified person to prevent an economic loss to the company with policy proceeds payable to the employer, which also is the policy owner. However, this type of policy will only cover a disabling injury or illness which prevents the insured from performing their job duties.

90-Second Quote Request!
Company Name:
Phone:
Zip Code:
Email Address:
Contact Person:

Employee Name:
Gender:	Male Female
Birth Date:
Height:
Weight:
Tobacco User?	Yes No
Medications?	Yes No

COMPLETE FOR KEY EMPLOYEE LIFE QUOTE
Coverage:
Amount:
Billing Mode:

COMPLETE FOR KEY EMPLOYEE DISABILITY QUOTE
Benefit Period:
Waiting Period:
Billing Mode:
Employer Type:
Occupation:
Income:

Please provide special instructions or any additional information that would aid us in obtaining the best quote possible.

Key Employee Insurance Companies We Represent

Please note that this page provides only an overview of the different types of Tennessee key employee insurance. The information displayed here is intended to help you request a key employee insurance quote. Please refer to your policy for more information concerning your coverage.