Recent tragedy emphasizes importance of key man life insurance

By Michael Gray

MEG Financial

Sadly, on Dec. 20, 2011, two senior executives at Greenhill & Co., Inc. (NYSE:GHL) , a leading independent investment bank with offices worldwide, were tragically killed when their small plane crashed in New Jersey. Among those that died were the wife and two children of one of the executives.

Our condolences and thoughts and prayers go out to their families and co-workers.

The purpose of this post is to make clear from a real life case that tragedy does strike and that no business can avoid the risk of the devastating loss of a key person. Regardless of the size of your company, you cannot predict the future but you can prepare for unexpected events with proper planning.

If your company is dependent upon one or more key employees, don’t wait until it’s too late. Key man insurance cannot prevent these terrible tragedies from occurring, but it can protect your company from the loss of a key contributor.