Financial Glossary

Here you’ll find clear and concise explanations of key financial terms and concepts. Our goal is to help you better understand essential topics across the financial world.

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August Jepsen August Jepsen

Key Person Insurance

Key person insurance is a life or disability insurance policy that a business purchases on a vital employee—often an owner, executive, or essential contributor—to protect against financial loss if that individual dies or becomes unable to work; the business pays the premiums, owns the policy, and receives the payout, which can be used for covering lost revenue, recruiting replacements, maintaining operations, or repaying debts.

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