Key Person Life Insurance

Key Person Life Insurance

Executives and other valuable personnel are a fundamental part of the successful day-to-day operation of your business. In the event of the death of an essential employee, key person life insurance helps offset reduced sales or profits if your business suffers such a loss.

Ensuring
Stability
Benefits of Key Person Life Insurance
Added Security
  • Your business is protected from financial hardship as the result of a loss.
  • Plans can partially cover the costs of recruiting, training, and other expenses involved with hiring a replacement.
Easy Eligibility
  • The company is the applicant, owner, beneficiary, and premium payer for a policy on a key individual.
  • No prior IRS approval is required.
Tax-Free Proceeds

At the time of a key employee's death, life insurance benefits are received as tax-free income.
Retirement Benefits

If the covered employee remains with your firm until retirement, the policy may be used as retirement income.
No Fees

There are no additional fees for participating in this plan.

Coverage to Fund Buy-Sell Agreements

A buy-sell agreement is a contract that binds the surviving owners to purchase the business interest of a deceased owner at a pre-arranged price and also obligates the estate of the deceased owner to sell its interest to surviving owners. Coverage to fund buy-sell agreements provides your company with funds to purchase such business interest.

Benefits of Buy-Sell Agreements Coverage
Added Security
  • Your business is able to fulfill its obligation under a buy-sell agreement without financial hardship.
Stability
  • Ownership is not in dispute, allowing you to continue operating your business at optimum levels.

Speak with a BB&T Insurance Services agent to learn more about the right coverage for your business.

Design an attractive
benefits package.

Employee Benefits »

Allow your employees
convenient online access to their
401(k) accounts 24/7.

BB&T 401(k) »