Business Owner Death and Complex Estates
What is a key person insurance policy?
Short answer
Life insurance taken out by a business on a key employee or owner, payable to the business. If the deceased had such a policy, the business receives the benefit — not the family. The proceeds can help stabilize the business during transition…
What this usually means
Life insurance taken out by a business on a key employee or owner, payable to the business. If the deceased had such a policy, the business receives the benefit — not the family. The proceeds can help stabilize the business during transition. Check with the company's insurance broker.
What to do next
- Start the PathAfter checklist for situation-aware first steps.
- Find California county help for coroner contacts, vital records, cost tools, and paperwork.
- Open the First 72 Hours Call Log before making calls.
- Open the Documents to Find Checklist when you are ready for paperwork.