Key Person Insurance
Protect yourself, your key employees and your company.
What would happen to your company if a key employee were to suddenly pass away?
Key person insurance will ensure your company survives by providing it with a tax-free payout if a key employee suddenly passes away.
How does it work?
- You can pick a specific amount of insurance that covers the financial impact of losing a key employee.
- Your company pays for the premiums.
- The life insurance is paid tax-free to your corporation if a key employee passes away.
- Your company receives a credit to its capital dividend account, allowing for tax-free dividends to be paid out of your company.
- You can pay monthly or annually.
- Depending on your age and health, you may be able to get instant approval without providing medicals.