{"id":2779,"date":"2019-03-04T13:26:37","date_gmt":"2019-03-04T18:26:37","guid":{"rendered":"http:\/\/www.lions.financial\/?page_id=2779"},"modified":"2022-10-19T02:48:05","modified_gmt":"2022-10-19T07:48:05","slug":"risk-management-key-person-coverage","status":"publish","type":"page","link":"https:\/\/lions.financial\/hi\/risk-management-key-person-coverage\/","title":{"rendered":"Key Person Coverage"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"2779\" class=\"elementor elementor-2779\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6a738e32 elementor-section-height-min-height elementor-section-boxed elementor-section-height-default elementor-section-items-middle\" data-id=\"6a738e32\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;shape_divider_bottom&quot;:&quot;triangle-asymmetrical&quot;,&quot;shape_divider_bottom_negative&quot;:&quot;yes&quot;}\">\n\t\t\t\t\t<div class=\"elementor-shape elementor-shape-bottom\" aria-hidden=\"true\" data-negative=\"true\">\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 1000 100\" preserveaspectratio=\"none\">\n\t<path class=\"elementor-shape-fill\" d=\"M737.9,94.7L0,0v100h1000V0L737.9,94.7z\"\/>\n<\/svg>\t\t<\/div>\n\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-527d7554\" data-id=\"527d7554\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-77249224 elementor-widget elementor-widget-heading\" data-id=\"77249224\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Key Person Coverage<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6ae4b1d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6ae4b1d\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wider\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-top-column elementor-element elementor-element-e730360\" data-id=\"e730360\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-47e2099 elementor-widget elementor-widget-text-editor\" data-id=\"47e2099\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div style=\"user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; overflow: visible; cursor: text; clear: both; position: relative; direction: ltr; font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif; font-size: 17px; font-style: normal; font-weight: 400;\">\n<p>Key person insurance covers an employee who is crucial to the success of the business. This insurance strategy helps protect a business from an economic loss when an important employee is not able to function within the business at a normal capacity. For many Small and Medium businesses, the key people are the owners and the insurance planning needs to take into consideration the risks they face.<\/p>\n<p style=\"text-align: center;\"><strong style=\"font-size: 17px;\">What Can Lions Financial Do for You?<\/strong><\/p>\n<p>Lions Financial helps clients find the suitable solution of key person insurance planning. Then we advise our clients on what they can do for each step to get the best results. To best assist, we applied Four-step SIRE process to create value for you.<\/p>\n<ul>\n<li><strong>S<\/strong>urvey: We will begin process with a questionnaire to have a general understanding of your business and identify the unique composition of key employees. We clarify your business objectives and gain understanding of the unique current issues that need to be addressed.<\/li>\n<li><strong>I<\/strong>nsight: To have a deep insight of your specific business, we will incorporate industry research, determine product offerings available from many sources, create an assessment and evaluation about your company&#8217;s key person structural plan options.<\/li>\n<li><strong>R<\/strong>ecommendation: Then, we will come up with solutions for a key person insurance program that is tailored to your company. As an independent firm we can present multiple providers to create a plan that helps create value in attracting and retaining talent in your company.<\/li>\n<li><strong>E<\/strong>xecution: We will implement the strategy your company would like to execute on based on the options provided and budget available. We help achieve a better result with our professional experience, integration of technology, understanding of your industry, and staying attuned to the compliance and regulatory requirements.<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><strong>The Key Items to Consider<\/strong><strong> in Key Person Insurance<\/strong><\/p>\n<ul>\n<li><strong><em>How to define a key person <\/em><\/strong><\/li>\n<\/ul>\n<p>A key person in the business is someone who contributes significant value currently and is component of current financial success. Key person maybe one of the owners of the business. There is a risk to the business if this person is inactive which can lead to negative implications to the company that are measured by financial loses.<\/p>\n<ul>\n<li><strong><em>The importance to have this insurance<\/em><\/strong><\/li>\n<\/ul>\n<p>Business&#8217;s has the risk of suffering from a key employee\u2019s inability to perform at work. It is important to understand that a key person has specific management skills and experience may not replaceable in short period of time. Significant loss can influence the management&#8217;s decision making if the company is facing a significant deal. Disruption in the business can cause client delays, partnerships, and credit line valuation. Key person insurance can be a good choice to mitigate financial risks that would be attributed to these losses.<strong style=\"font-size: 17px;\"><em>&nbsp;<\/em><\/strong><\/p>\n<ul>\n<li><strong><em>Benefit of key person insurance<\/em><\/strong><\/li>\n<\/ul>\n<p>If the key employee is an owner of the business, the policy can help fund a buy-out of his or her business interest if disability or death occurs.<strong style=\"font-size: 17px;\"><em>&nbsp;<\/em><\/strong><\/p>\n<ul>\n<li><strong><em>Coverage Process<\/em><\/strong><\/li>\n<li>Identify key person<\/li>\n<li>Give employee notice of intension to buy the insurance<\/li>\n<li>Acquire the consent of key employee<\/li>\n<li>Insurance carrier pays the policy proceeds<\/li>\n<li>Review tax related factors<strong style=\"font-size: 17px;\">&nbsp;<\/strong><\/li>\n<\/ul>\n<p style=\"text-align: center;\"><strong>What\u2019s Next?<\/strong><\/p>\n<p>Contact Lions Financial to find a better strategy and holistic plan for you. Lions Financial helps business executives, together with their tax and legal advisors, to develop the optimal financial solutions for success.&nbsp;Contact us for an initial consultation to help with your current business need.<\/p>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-8b9d1a5\" data-id=\"8b9d1a5\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e4c05c5 elementor-widget elementor-widget-heading\" data-id=\"e4c05c5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title 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aria-hidden=\"true\"><\/i>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t\t<div class=\"elementor-share-btn elementor-share-btn_whatsapp\" role=\"button\" tabindex=\"0\" aria-label=\"Share on whatsapp\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__icon\">\n\t\t\t\t\t\t\t\t<i class=\"fab fa-whatsapp\" aria-hidden=\"true\"><\/i>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f2f3516 elementor-widget elementor-widget-video\" data-id=\"f2f3516\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;youtube_url&quot;:&quot;https:\\\/\\\/youtu.be\\\/DHhEILmqnZU&quot;,&quot;video_type&quot;:&quot;youtube&quot;,&quot;controls&quot;:&quot;yes&quot;}\" 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menu-item-object-page menu-item-2542\"><a href=\"https:\/\/lions.financial\/hi\/services\/business-advisory-deferred-compensation\/\" class=\"elementor-item menu-link\" tabindex=\"-1\">Deferred Compensation<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2543\"><a href=\"https:\/\/lions.financial\/hi\/services\/business-advisory-employee-benefits\/\" class=\"elementor-item menu-link\" tabindex=\"-1\">Employee Group Benefits<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2544\"><a href=\"https:\/\/lions.financial\/hi\/services\/business-advisory-executive-compensation-tax-strategies\/\" class=\"elementor-item menu-link\" tabindex=\"-1\">Executive Compensation<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2545\"><a href=\"https:\/\/lions.financial\/hi\/services\/business-advisory-succession-planning\/\" class=\"elementor-item menu-link\" tabindex=\"-1\">Succession Planning<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2949\"><a href=\"https:\/\/lions.financial\/hi\/services-risk-management\/\" class=\"elementor-item menu-link\" tabindex=\"-1\">Risk Management Consulting Service<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2947\"><a href=\"https:\/\/lions.financial\/hi\/services-risk-management-premium-financing\/\" class=\"elementor-item menu-link\" tabindex=\"-1\">Premium Financing<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2948\"><a href=\"https:\/\/lions.financial\/hi\/risk-management-key-person-coverage\/\" class=\"elementor-item menu-link\" tabindex=\"-1\">Key Person Coverage<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2951\"><a href=\"https:\/\/lions.financial\/hi\/capital-markets\/\" class=\"elementor-item menu-link\" tabindex=\"-1\">Capital Markets<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2955\"><a href=\"https:\/\/lions.financial\/hi\/services\/capital-markets-mergers-and-acquisitions\/\" class=\"elementor-item menu-link\" tabindex=\"-1\">Mergers and Acquisitions<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2950\"><a href=\"https:\/\/lions.financial\/hi\/due-diligence-and-valuation\/\" class=\"elementor-item menu-link\" tabindex=\"-1\">Due Diligence and Valuation<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2956\"><a href=\"https:\/\/lions.financial\/hi\/our-team\/\" class=\"elementor-item menu-link\" tabindex=\"-1\">Our Team<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2953\"><a href=\"https:\/\/lions.financial\/hi\/insights-professional-alliance-program\/\" class=\"elementor-item menu-link\" tabindex=\"-1\">Professional Alliance Program<\/a><\/li>\n<\/ul>\t\t\t<\/nav>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-64e5bca elementor-widget elementor-widget-spacer\" data-id=\"64e5bca\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>Key Person Coverage Key person insurance covers an employee who is crucial to the success of the business. This insurance strategy helps protect a business [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"content-type":"","site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-2779","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/lions.financial\/hi\/wp-json\/wp\/v2\/pages\/2779","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lions.financial\/hi\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/lions.financial\/hi\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/lions.financial\/hi\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/lions.financial\/hi\/wp-json\/wp\/v2\/comments?post=2779"}],"version-history":[{"count":16,"href":"https:\/\/lions.financial\/hi\/wp-json\/wp\/v2\/pages\/2779\/revisions"}],"predecessor-version":[{"id":6926,"href":"https:\/\/lions.financial\/hi\/wp-json\/wp\/v2\/pages\/2779\/revisions\/6926"}],"wp:attachment":[{"href":"https:\/\/lions.financial\/hi\/wp-json\/wp\/v2\/media?parent=2779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}