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Key Person Insurance for Louisiana Businesses

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Protecting Your Business Against the Unexpected Loss

Financial Stability When a Crucial Leader is Gone

Key person insurance is a life policy owned by the business on an owner, partner, or vital employee. If that person dies, the benefit pays the company to help cover lost revenue, hire and train a replacement, retire debt, or reassure lenders and clients. Granen Insurance helps Metairie and New Orleans firms right-size coverage so operations can continue with confidence. If you are comparing options, our team can also review life insurance choices outside the workplace to complete your plan.

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Who Counts as a Key Person

Founders, rainmakers, lead engineers, medical providers, and practice administrators are common candidates. If losing someone would jeopardize cash flow or credit arrangements, they are likely key to insure. When day-to-day revenue depends on one or two individuals, consider pairing this coverage with business disability insurance to address long absences due to illness or injury.

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How Key Person Life Works

The business is owner, premium payer, and beneficiary. Proceeds are generally received tax-free when properly structured. We help determine coverage using revenue impact, replacement costs, and debt obligations. For multi-owner firms, we can coordinate buy-sell funding so surviving partners have the resources to purchase the departing owner’s interest according to the agreement.

FAQ – Key Person

Answers for Growing Companies

  • Is term or permanent better?

    Term life is cost-effective for working years. Permanent can support long horizons or cash value needs. We price both.

  • What if a key person leaves?

    You can cancel, reassign, or sometimes transfer the policy. We will walk through options.

  • Do we need medical exams?

    It depends on the carrier and amount. Many amounts can be accelerated with simplified underwriting.

  • Can we include disability benefits?

    Yes. Key person disability can pay the business monthly if a key employee cannot work.

Secure Your Company’s Future

Protect Your Business from Leadership Loss

Key person life insurance provides financial stability if a vital team member passes away—helping your company stay strong during transitions.