As a business owner, you often depend on the work of several different individuals when it comes to how successful your organization becomes. One of the ways you can reward those efforts is by providing life insurance to these valued employees. Sometimes the value of one or more individuals stands out and you may decide that you want to do something extra special for them in terms of the type of policy you’ll provide them with.
Individuals who are irreplaceable in the short term should fall into this elite category. Also, key people with the skills, knowledge, experience and leadership, all traits that are important to the business’ continued success. For example, the sales director or managing director could be included in this category. Key Person life insurance from NCSF can help protect your company and those you consider valuable members of your team.
Key Person life is an added value policy
A Key Person policy from NCSF is a way to compensate a business for losses as a result of the death of the person specified on the policy, up to the amount indicated. This policy provides funding to replace lost profits and overhead and will pay for recruiting and training a suitable replacement.
In addition, it can help to assure customers, vendors and employees that there will be no interruption to your business continuity. Most importantly, it will meet obligations to the deceased spouse, or family, regarding salary continuation or deferred compensation.
NCSF is a fraternal benefit society founded in 1891 and provides Catholics and their families and businesses with life insurance and other products and services. With currently more than 26,000 members, they strive to make a difference in their local communities.
They are also a not-for-profit organization, meaning that money that would typically be paid to shareholders in a for-profit company instead goes to the NCSF members, parishes and communities in the form of programs and benefits made possible by insurance sales. When you purchase insurance, think of it as a product that not only matches your current needs, it’s also the best way to support your family’s future security.