Key Man Life Insurance

Your main priority as a business owner is ensuring the continued success of your company. But have you considered what would happen if you or a key employee unexpectedly passes away, becomes disabled, or decides to part ways with your company? If your business depends on the expertise and contributions of one or more critical individuals, key-person life and disability insurance from The Overstreet Agency can help mitigate the financial risks associated with their loss.

This crucial business insurance product provides financial support to your business, covering expenses that would be incurred from the loss of an important employee or yourself. You would have coverage for recruiting and training a replacement, offsetting lost revenue, or funding a buy-sell agreement. In the event of a key employee’s departure, key-person life insurance means that your company will continue to thrive and grow, while maintaining vital daily operational stability and crucial cash flow. The Overstreet Agency is here to help you understand how key-person insurance works through Ameritas and its essential features, as well as helping you safeguard your business against unexpected disruptions.

What is Key Person Insurance?

If your business relies on one or a few major employees, you probably have a plan in place for their eventual retirement or a planned separation. What you may not have accounted for is if there is an unexpected change and an important individual dies, becomes unable to work, or leaves suddenly. This individual may be one with specialized experience and skills that are not easily replaced in their absence, such as a vital executive, partner, or majority stockholder. If you have Overstreet’s Ameritas key-man disability insurance product or key-person life insurance, you’ll have financial coverage for costs associated with your organization’s unexpected changes.

Who Qualifies for Key Person Insurance?

While there is no standard definition, most insurance companies consider a “key person” one whose knowledge, leadership, or expertise is essential to your business’s success. These individuals possess unique skills and insights that drive the business forward and are not easily replaceable. This could be someone with high-level executive leadership expertise that cannot easily be replaced by other employees or someone who is solely responsible for critical daily operations. Typically these individuals have special knowledge related to your industry and company which allows them specialized insight into their own field as well as unique perspectives on how different fields interact together for the success of your business. The Overstreet Agency will work with you to determine which key individuals will qualify under our guidelines as well as determine the associated value that will cover the required financial costs in their absence.

Why Invest in Key-Person Insurance?

The Overstreet Agency is in the business of protecting you, your employees, and your business through a wide range of Ameritas insurance products in Mississippi. Losing a key employee or business partner can leave you feeling vulnerable, result in financial uncertainty, and disrupt daily operations. With key-person insurance for your Mississippi business, you’ll gain several benefits that may make all the difference in the continuing success of your company.

Financial Protection – The payout can cover lost revenue, operational costs, or recruitment and training expenses.
Tax Advantages – In many cases, the benefit payout is tax-free.
Company Stability – It reassures lenders, investors, employees, and customers that the company can weather unexpected changes.
Ease of Implementation – These policies are straightforward to obtain and only require an annual IRS report.
Flexible Use of Benefits – The funds can be allocated as needed to support business operations.

WhatBusiness Needs Key Person Life & Disability Coverage?

Any business, from small, privately-owned companies to large-scale commercial ventures can benefit from having a plan for the temporary or permanent loss of a key employee. In our years of experience providing businesses in Mississippi with business insurance, we have seen certain companies where key person disability and life insurance is even more crucial. It’s You may want to consider an Ameritas key-man life or disability insurance plan if your business has:

Employees responsible for high-revenue client accounts
A small team where each individual plays a critical role
Highly specialized professionals whose role would be difficult and costly to replace
Vital decision-makers such as CFOs, CEOs, and key sales personnel
Employees with unique industry connections, such as those representing celebrities or high-profile clients
A key employee with ongoing health concerns

The Overstreet Agency thrives upon being an essential safety net for businesses, ensuring that your company will be stable and successful despite the unexpected twists and turns life can present. Key-person life and disability insurance is perhaps one of the best ways you can protect your business, employees, customers, and stakeholders alike. Contact The Overstreet Agency today to learn more about how we can partner up and safeguard your company!