My company plan to buy a key man life insurance for a period 10 year to our managing director recently. As I know this type of policy is designed to protect and compensate the companies owner for the loss of important employees and provide immediate cash to help a business survive the loss. But this type of policy really expensive compared with other life insurance. I hope our company can do a research before buy this type of policy.
I have had this type of key man life insurance and getting it sucks, you have to answer tons of questions about your life and then they come back and make you sign a form saying you will not do any overly risky activites. Also you have to give blood and submit to a physical