Is Key Person Insurance Tax Deductible?

Key man / key person insurance is a specially designed type of life insurance intended to protect businesses from the loss of one of the key people in the organisation. In many smaller companies much of their success rides on the shoulders of one or two critical people, and if that person was suddenly lost, it could spell disaster for the business. Key person insurance will provide much needed capital at such a time, so that the company can fill holes in its profits, recruit a replacement or buy out a director without creating a crisis. Continue reading “Is Key Person Insurance Tax Deductible?”