The goal for key person insurance is NOT to facilitate a buyout but rather to compensate the business for the loss of that key person. (insuranceandestates.com)
Term life insurance is the cheapest and simplest option and only provides the business with simple death benefit protection against the loss of a key person. (insuranceandestates.com)
As discussed above, key person insurance insures the company against the loss of key people. (insuranceandestates.com)