Illinois Key Person Insurance. Protect Your Most Valuable Asset — Your People.
Key person insurance protects your Illinois business against the financial loss of a critical employee, partner, or owner. We help Illinois businesses across all 102 counties — especially southern and central IL — plan for the unexpected.
Illinois Businesses Run on Key People. Protect Them.
Illinois businesses — from Metro East companies to southern Illinois ag operations to professional services firms — all have employees whose loss would be financially devastating. The partner who manages your biggest accounts, the operations manager who keeps everything running, the owner whose death could trigger loan covenants.
Key person insurance is a life or disability policy owned by the business on critical personnel. The business pays premiums and receives the benefit — providing cash to stabilize operations, recruit replacements, cover lost revenue, or satisfy lender requirements. Brawner helps Illinois businesses build the right protection.
Illinois businesses — especially in southern and central IL — need key person coverage to protect against the financial shock of losing a critical employee. We make it simple and affordable with quotes from 50+ carriers.
Get a Key Person Quote →What happens to your business if your key person is gone tomorrow?
Key person insurance gives your Illinois business the financial cushion to survive the loss of a critical employee, partner, or owner. Don't leave your business vulnerable.
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Key Person Insurance Through Brawner
Key person insurance protects your Illinois business against the financial impact of losing a critical employee, partner, or owner.
Key Person Life Insurance
A life insurance policy owned by your Illinois business on a critical employee, partner, or owner. If that person dies, the business receives the death benefit — providing immediate cash to cover lost revenue, recruit a replacement, repay debts, or reassure clients and lenders during the transition.
Key Person Disability
Death isn't the only risk — disability can be even more financially devastating because the key person is still alive but unable to work. Key person disability insurance provides ongoing income to your Illinois business to cover the cost of a temporary or permanent replacement.
Buy-Sell Agreement Funding
Key person life insurance is commonly used to fund buy-sell agreements between Illinois business partners. If one partner dies, the insurance proceeds fund the purchase of their ownership share — keeping the business intact and preventing disputes with heirs or estates.
How Much Coverage?
Coverage amounts are typically based on the key person's contribution to revenue, the cost to recruit and train a replacement, outstanding business debts tied to the person, or a multiple of their compensation. Common amounts range from $250,000 to several million. We help Illinois businesses calculate the right amount.
Term & Permanent Options
Term life is the most common and affordable option — coverage for a specific period (10, 15, 20, 30 years). Permanent (whole or universal) life builds cash value over time. For most Illinois businesses, term life provides the most cost-effective key person protection. We help you choose the right structure.
Tax Considerations
Key person insurance premiums are generally not tax-deductible for the business. However, death benefits received by the business are typically income tax-free. This makes the policy an efficient way to transfer risk. Consult your Illinois tax advisor for your specific situation — we can connect you with one if needed.
Lender & Investor Requirements
Many banks, SBA lenders, and investors require key person insurance as a condition of loans or investments. If your Illinois business has significant debt or outside investors, key person coverage may be mandatory — and even if it's not required, it demonstrates financial responsibility to lenders.
Business Continuity Planning
Key person insurance is a cornerstone of business continuity planning. Combined with a succession plan, buy-sell agreement, and emergency operations procedures, it ensures your Illinois business can survive the sudden loss of its most critical people — protecting employees, clients, and your family's investment.
Let's protect your key people.
We help Illinois businesses identify key personnel, calculate the right coverage amount, and find affordable policies from 50+ carriers.
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