Key Person Group Life Overview
What is it?
Insurance that provides tax-free funds to cover the costs associated with the operational disruption caused by the loss of a key person. The credit union (or its subsidiary) is the beneficiary.
Who is a "key person"?
Any person in your organization whom you determine would be difficult to replace and whose loss would cause significant disruption to your operation, including CEOs, CFOs, department managers, key revenue producers, etc.
What coverage is offered?
Life Insurance plus Accidental Dismemberment, which includes Loss of and Loss of Use of extremities, including eyes, hearing and speech.
Does the key person need a medical examination?
What limits of insurance are available?
What happens after the key person retires or leaves the employment of the policyholder organization?
For all the most up to date answers to your questions, please contact Cooperative Risk Solutions
This provides a brief description of this group insurance plan. However, it confers no rights and in no way modifies the coverage described in the actual contract. Those with access will find further information in the secure area of this site.