Every business has people who are at the heart of its operation, and continued profitability. Without the active contributions of these key employees to the day to day operations of the business there is likely to be financial trouble or in the worst case scenario, the loss of the business completely.
Your business pays the premiums for this insurance and is the beneficiary of the tax free payout. Typically for this type of policy, Term insurance is the best fit as it is the lowest cost, can be put in place until the projected retirement of the employee, and can be cancelled if the employee leaves the business earlier than expected.
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