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.
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What to do next
- Start the PathAfter checklist for situation-aware first steps.
- Find California county phone numbers for coroner, vital records, and local offices.
- Open the First 72 Hours Call Log before making calls.
- Open the Documents to Find Checklist when you are ready for paperwork.