fill a position at a moment's notice.

Everybody is already busy doing their own jobs. The risks associated with having a key person stuck down with a long term illness or death, are real indeed. Possibly terminal for you, your organization, and your dreams.

In fact, one in five men suffer a critical (if not life threatening) illness before they reach retirement age. And there are all those auto, skiing, biking, and surfing accidents we read about. Plus those times when your key person is just walking along minding their own business when they are struck down in some sort of freak accident.

Just because nothing bad has happened to you and your company yet might just mean you've been lucky, so far. Now that you have a

Key man life insurance, or as it is more politically correctly known, key person life insurance can mean the difference between long term success or failure of your company, your family, and your dream.

What is keyman life insurance? First let's talk about just who and what I mean when I say key man or key person.

If your business survives long enough, less that five companies out of one hundred, you'll begin hiring employees to do what you do not want to do or can no longer afford to do because your time is now more valuable doing something else, or what someone else can do more effectively or more efficiently than you.

As these people get better and better at performing their roles you will begin to trust their judgement and rely on their commitment to the company more and more. Eventually you will give them more power, authority, accountability, and responsibility. At some point they will become indispensable - the company or at least that part of it will not be able to function without them, or somebody like them. That is who I mean when I say keyman or key person.

Who are your key people? Is it your sales manager who completely handles your sales force? Is it your plant manager, or maybe your shift supervisors? Maybe it's your bookkeeper. Each company is different and each situation is unique.

Here's a test. Make a list of your managers, supervisors, and key support personnel. Ask yourself, what will happen to the business if they quit, die, or become disabled. In other words, what will it mean to the business if they must be replaced - so their important jobs still get done by someone other that them or you.

How long will it take to find a replacement for them? How much will you have to pay the new person? Will it be more or less than you are paying your existing key person? How long will it take to train them and how much will training then cost? Who will train them and who will do that person's job while the training takes place?

Now that you are beginning to understand more clearly the size and scope of the potential problem, would it help to have additional savings account with enough cash sitting in it for just this situation?

Cash to pay a head hunter. Cash for bringing in an outside trainer. Cash to shore up the loss of profits that always result when there are disruptions of this kind. And most importantly cash that will not have to be repaid, ever.

Well, if cash that can be deposited into your bank at the moment its needed to replace a key person who has died or become disabled is what you're looking for, keyman life insurance is the answer.

I assume you are one of the vast majority of all businesses who employ less than 10 people. This makes you the most likely to be at risk from the impact of disabling illness or death of a key person. That's because it is not likely that there are extra people around with nothing particular to do who can step in to fill a position at a moment's notice.

Everybody is already busy doing their own jobs. The risks associated with having a key person stuck down with a long term illness or death, are real indeed. Possibly terminal for you, your organization, and your dreams.

In fact, one in five men suffer a critical (if not life threatening) illness before they reach retirement age. And there are all those auto, skiing, biking, and surfing accidents we read about. Plus those times when your key person is just walking along minding their own business when they are struck down in some sort of freak accident.

Just because nothing bad has happened to you and your company yet might just mean you've been lucky, so far. Now that you have a b

ement and rely on their commitment to the company more and more. Eventually you will give them more power, authority, accountability, and responsibility. At some point they will become indispensable - the company or at least that part of it will not be able to function without them, or somebody like them. That is who I mean when I say keyman or key person.

Who are your key people? Is it your sales manager who completely handles your sales force? Is it your plant manager, or maybe your shift supervisors? Maybe it's your bookkeeper. Each company is different and each situation is unique.

Here's a test. Make a list of your managers, supervisors, and key support personnel. Ask yourself, what will happen to the business if they quit, die, or become disabled. In other words, what will it mean to the business if they must be replaced - so their important jobs still get done by someone other that them or you.

How long will it take to find a replacement for them? How much will you have to pay the new person? Will it be more or less than you are paying your existing key person? How long will it take to train them and how much will training then cost? Who will train them and who will do that person's job while the training takes place?

Now that you are beginning to understand more clearly the size and scope of the potential problem, would it help to have additional savings account with enough cash sitting in it for just this situation?

Cash to pay a head hunter. Cash for bringing in an outside trainer. Cash to shore up the loss of profits that always result when there are disruptions of this kind. And most importantly cash that will not have to be repaid, ever.

Well, if cash that can be deposited into your bank at the moment its needed to replace a key person who has died or become disabled is what you're looking for, keyman life insurance is the answer.

I assume you are one of the vast majority of all businesses who employ less than 10 people. This makes you the most likely to be at risk from the impact of disabling illness or death of a key person. That's because it is not likely that there are extra people around with nothing particular to do who can step in to fill a position at a moment's notice.

Everybody is already busy doing their own jobs. The risks associated with having a key person stuck down with a long term illness or death, are real indeed. Possibly terminal for you, your organization, and your dreams.

In fact, one in five men suffer a critical (if not life threatening) illness before they reach retirement age. And there are all those auto, skiing, biking, and surfing accidents we read about. Plus those times when your key person is just walking along minding their own business when they are struck down in some sort of freak accident.

Just because nothing bad has happened to you and your company yet might just mean you've been lucky, so far. Now that you have a

quit, die, or become disabled. In other words, what will it mean to the business if they must be replaced - so their important jobs still get done by someone other that them or you.

How long will it take to find a replacement for them? How much will you have to pay the new person? Will it be more or less than you are paying your existing key person? How long will it take to train them and how much will training then cost? Who will train them and who will do that person's job while the training takes place?

Now that you are beginning to understand more clearly the size and scope of the potential problem, would it help to have additional savings account with enough cash sitting in it for just this situation?

Cash to pay a head hunter. Cash for bringing in an outside trainer. Cash to shore up the loss of profits that always result when there are disruptions of this kind. And most importantly cash that will not have to be repaid, ever.

Well, if cash that can be deposited into your bank at the moment its needed to replace a key person who has died or become disabled is what you're looking for, keyman life insurance is the answer.

I assume you are one of the vast majority of all businesses who employ less than 10 people. This makes you the most likely to be at risk from the impact of disabling illness or death of a key person. That's because it is not likely that there are extra people around with nothing particular to do who can step in to fill a position at a moment's notice.

Everybody is already busy doing their own jobs. The risks associated with having a key person stuck down with a long term illness or death, are real indeed. Possibly terminal for you, your organization, and your dreams.

In fact, one in five men suffer a critical (if not life threatening) illness before they reach retirement age. And there are all those auto, skiing, biking, and surfing accidents we read about. Plus those times when your key person is just walking along minding their own business when they are struck down in some sort of freak accident.

Just because nothing bad has happened to you and your company yet might just mean you've been lucky, so far. Now that you have a

a head hunter. Cash for bringing in an outside trainer. Cash to shore up the loss of profits that always result when there are disruptions of this kind. And most importantly cash that will not have to be repaid, ever.

Well, if cash that can be deposited into your bank at the moment its needed to replace a key person who has died or become disabled is what you're looking for, keyman life insurance is the answer.

I assume you are one of the vast majority of all businesses who employ less than 10 people. This makes you the most likely to be at risk from the impact of disabling illness or death of a key person. That's because it is not likely that there are extra people around with nothing particular to do who can step in to fill a position at a moment's notice.

Everybody is already busy doing their own jobs. The risks associated with having a key person stuck down with a long term illness or death, are real indeed. Possibly terminal for you, your organization, and your dreams.

In fact, one in five men suffer a critical (if not life threatening) illness before they reach retirement age. And there are all those auto, skiing, biking, and surfing accidents we read about. Plus those times when your key person is just walking along minding their own business when they are struck down in some sort of freak accident.

Just because nothing bad has happened to you and your company yet might just mean you've been lucky, so far. Now that you have a

fill a position at a moment's notice.

Everybody is already busy doing their own jobs. The risks associated with having a key person stuck down with a long term illness or death, are real indeed. Possibly terminal for you, your organization, and your dreams.

In fact, one in five men suffer a critical (if not life threatening) illness before they reach retirement age. And there are all those auto, skiing, biking, and surfing accidents we read about. Plus those times when your key person is just walking along minding their own business when they are struck down in some sort of freak accident.

Just because nothing bad has happened to you and your company yet might just mean you've been lucky, so far. Now that you have a better idea about what can happen and what it can mean to you, your family, and your business - what can you do about it?

There are three sides to the equation.

First you should work out how much cash you will need instantly available (keyman insurance), money your life insurance company will deliver at the very moment it's needed, money neither you or your company have to pay back. How many dollars are we talking about here? If you won't even put a number on it then you are not serious about either your family or your company.

Second you'll need to determine what type or types of coverage and in what combinations will combine to provide the optimum solution for you right now. There are so many types and kinds and variations of insurance available it is likely that you will be able to balance your tolerance for risk with your cash flow and the size of the potential loss - in order to come up with the perfect combination that works for you right now.

And finally you will have to determine where you are going to buy the insurance. Are you going to figure out the first two parts of the equation and then get quotes for term insurance or whole life insurance or a combination of the two online?

Or are you going to contact an insurance professional who will help you figure out how much is right for you and then apply their skill and resources to arrive at the best combination of coverages? The choice is yours.

While you are deciding whether to get an online quote or call an experienced business insurance agent, let me mention the commissions that are part of the equation. Make no mistake about it, when you purchase life insurance commissions are paid by the insurance company to somebody. Maybe that somebody is the online broker, maybe it's a wholesaler of insurance via direct mail, or maybe it's your agent.

Be sure you recognize the fact that commissions are always paid to somebody when you purchase life insurance. Don't be so naive as to believe that if you buy insurance online you are not paying commissions. The question is, who do you want to pay these commissions and in exchange for what?

In my experience the best way to make sure you are protecting your company, your family and yourself is to do business with an experienced insurance professional. Choose someone whose opinions you trust, another business owner like yourself, and ask them for the name of the insurance professional they have used that they are the happiest with.

Call that person and arrange for a meeting - an interview, where you'll learn about them and get comfortable with them. Then honestly describe your situation and ask for their advice. This is a process that never fails to bring out the best in everyone.

Now, if you have read this far and figure you won't do anything about the potential loss of your entire business, maybe your home if you've mortgaged it so you could get a business loan, probably yo