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Every business has assets that are protected against loss, whether they are buildings, office equipment or automobiles. Key employee insurance, also called key employee valuation, is life insurance that helps protect the most important asset the business has — its key employees.
For full details about key employee insurance, please contact your State Farm® agent.
Key employees have several characteristics that distinguish them from other employees, including:
When a key employee dies, the business needs cash:
There are two primary methods of key employee valuation to determine how much key employee insurance is needed:
To be certain the cash will be available when it is needed, life insurance should be considered. The annual premium cost is often a small fraction of the death benefit, which is generally received federal income tax-free.
A State Farm agent can help you choose a key employee insurance program that will meet your objectives.
State Farm Life Insurance Company (Not licensed in MA, NY or WI)
State Farm Life and Accident Assurance Company (Licensed in NY or WI)
IL - 38.2