Key Person Insurance in New Jersey
Protect Your Business’s Future. Preserve What You’ve Built.
When a vital team member is suddenly gone, the impact can be personal—and financial. At BEW Financial Solutions, we help businesses across North Jersey secure key person insurance that protects against the loss of a founder, executive, or irreplaceable employee. One policy today can safeguard your business’s tomorrow.
What Is Key Person Insurance?
Key person life insurance provides a financial safety net if someone critical to your business passes away or becomes disabled. The business owns the policy, pays the premiums, and receives the payout—ensuring operations continue or transition smoothly.
Why It Matters:
What Does Life Insurance Cover?
Life insurance is more than a payout—it’s a plan that ensures your family’s future stays on track, even if you’re no longer there to lead it. From mortgage protection to legacy planning, the right policy offers financial security and peace of mind.
Types of Life Insurance We Offer:
Term Life Insurance
Affordable, time-limited protection designed to cover your family during key years—like raising children or paying off your home.
Whole Life Insurance
Lifelong coverage that builds cash value over time. A great option for estate planning, final expense coverage, or long-term savings.
Universal Life Insurance
Flexible protection that combines lifelong coverage with adjustable premiums and a savings component.
Final Expense Insurance
A simple, affordable way to ensure funeral costs and other end-of-life expenses are covered—so your family isn’t left with unexpected bills.
Covers lost revenue or client relationships tied to the key person
Helps recruit and train a replacement
Reassures lenders, investors, and stakeholders
May be used to settle debts or buy out the deceased’s shares
Who Needs Key Person Life Insurance in New Jersey?
If your business would struggle to operate without a specific person, key person insurance is essential.
It's especially critical for:
- Founders and Co-Founders
- Top Sales Producers
- C-Suite Executives
- Specialized Technicians or Developers
- Small Businesses with Limited Staff
We’ll help you identify key individuals and tailor coverage based on their value to your business.
How Key Person Insurance Works
Identify the team member whose absence would cause the biggest disruption.
01
You Choose the Key Person
Your company pays the premiums and receives the benefit if a claim is made.
02
The Business Owns the Policy
If the insured person passes away or becomes permanently disabled, the policy pays a lump sum to help cover financial losses, maintain operations, or initiate a succession plan.
03
Benefit Is Paid Out
Why North Jersey Businesses Choose BEW
Independent & Experienced
We’ve served business owners across North Jersey since 1996—and we’re not tied to one carrier.
Local Insight, Real Guidance
From Wayne to Pompton Lakes, we understand what matters to local businesses and provide practical, honest advice.
Customized Coverage
We assess your business structure, goals, and key players to recommend the right level of protection.
Support Beyond the Policy
Our team is here to assist with claims, policy reviews, and business continuity planning—long after you sign up.
How much key person insurance do I need?
It depends on the person's impact—revenue they generate, contracts they manage, or the cost of replacing them. We’ll help you calculate a smart coverage amount.
What happens to the money from the policy?
Your business receives the payout and can use it to pay off debts, replace income, hire a successor, or even wind down operations if needed.
Is key person insurance the same as a buy-sell agreement?
No. Buy-sell insurance funds ownership transfers between partners, while key person insurance protects against operational loss due to a key member’s absence.
Can I cover more than one key person?
Absolutely. Many businesses have multiple essential employees—we can create a multi-policy strategy that fits your team.
Will this help my business get a loan?
Yes. Many banks require key person insurance for small business loans, especially when tied to a founder’s expertise.
Let’s Protect the People Your Business Can’t Do Without
We’ll help you identify your most valuable team members and create a plan that gives your business room to breathe—no matter what happens.