Key Man/Business associate
My brother is 60 years old and a dentist. My husband is his dental laboratory so we do all his lab work needed for the dental practice. Being self-employed is stressful enough, and our thought was to insure my brother with life and disability since our business is so dependent on that income. Is that possible?
I’m happy to help! You have a unique case in that you’re wanting to buy a key man insurance and disability policy for an owner of a separate business. But even if you don’t buy a key man policy, you can still buy term life insurance and disability coverage on your brother. Make sure that you buy coverage with a term long enough to cover your brother’s working years. For example, if he plans to retire at age 70, a 10-year term policy may be the best choice. For more questions, including details on key man insurance and a good provider for getting a quote, see our article, Key Man Insurance: Cost, Coverage & Quotes.
I hope that helps!