Key Person Insurance, also known as key employee insurance, is coverage that protects your small business in case of an untimely death of the business owner or top-performing employee. The business pays for the policy and it is also the beneficiary (and/or owner) while the employee is the insured. The life insurance proceeds could be used to help offset the financial loss that may occur in the event of the death of a key employee. This coverage offers peace of mind to business owners like you.
The ACS group term life, 10-year and 20-year level term life insurance plans can serve as a Key Person insurance policy for ACS member business owners. The applications for coverage allow you to designate the beneficiary of your choice and/or assign an owner other than yourself. For Key Person Life insurance you can choose one of the following arrangements when applying for coverage:
If you are currently covered under one of the ACS Life insurance plans you can complete a change of beneficiary form and/or assignment of ownership form to designate your business.
To learn more about Key Person Life Insurance contact the ACS Plan Administrator at 1-800-752-0179.
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