– What is Key Man Insurance? - What is Key Man Insurance? Explains the benefits of key person insurance for your business. Key person insurance protects businesses from the loss of a significant member. BIO: Loraine Lacey is an insurance producer with Freeman & Pearce Insurance Agency and the President of the Independent Agents and Brokers of Orange County. TRANSCRIPT: Hi, I’m Loraine Lacey. I’m an insurance broker with Freeman & Pearce Insurance Agency, and currently, I’m the President of the Independent Agents and Brokers in our county. Today, we’re going to talk about Key Man Insurance, also known by another name of Key Person Insurance, and it is a coverage that is taken out by businesses to protect themselves from a loss that might happen if they lost their key employee. It might even be the owner of the business. Key Man Insurance is a life insurance policy that is set to expire when the employee retires. You, the employer, would pay the premiums, and you are also, or the business is also, the beneficiary of that amount in case the employee should have an untimely death. However, one of the biggest mistakes that businesses make is not also to purchase a disability policy at the same time that they are looking at the life insurance policy for the key man. Are you aware that the chances of a person being disabled are much greater than it is for his untimely death? When planning the amount of life insurance or disability insurance to get, there’s several points that you have to consider. One is, if the person
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