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The purpose of key employee life insurance coverage is to help indemnify a business for the loss of a key employee’s skills and experience in the event of the death of that person. Death benefits or cash values may be used to help recruit and train a replacement, to pay business debt, or to maintain the business’s credit and financial standing during a transition of management. 1
The following checklist details the items that are generally needed to properly complete a key employee life insurance arrangement.