by Guest » Tue May 17, 2011 01:49 am
I am sinking several million dollars into a business that I am buying. I will have one employee who is absolutely crucial. He won't agree to get examined for life insurance. Is it possible to get him insured for a substantial amount withhout him knowing?
Posted: Tue May 17, 2011 03:41 am Post Subject:
Have you considered working out a deal with him to allow you to get the key person coverage on him?
Posted: Tue May 17, 2011 12:29 pm Post Subject:
There is no way to get him to agree.
Posted: Tue May 17, 2011 03:33 pm Post Subject:
Everything has its price...
Posted: Tue May 17, 2011 05:50 pm Post Subject:
He won't do it. Can it be done without his approval?
Posted: Tue May 17, 2011 07:08 pm Post Subject:
Will he allow you to buy the coverage if there is no medical exam, or does he not want you to buy coverage on him at all? How much coverage are you looking for on him?
Posted: Tue May 17, 2011 08:20 pm Post Subject:
2 million +
Posted: Tue May 17, 2011 08:33 pm Post Subject:
$2M would be tough. You could stack several policies that don't require an exam, but depending on the company, each policy would be limited to $100-400k. How old is the employee? Does he have health issues?
Does he just not want to get blood drawn, or he objects even to a height/weight check or urine sample?
Posted: Tue May 17, 2011 08:39 pm Post Subject:
He thinks he will die if insurance is purchased. He is thirty and healthy.
Posted: Tue May 17, 2011 09:15 pm Post Subject:
Have you asked if he would be amenable to some type of deferred compensation/supplemental retirement program funded by the life insurance? You would own the policy and be the beneficiary, but could set up the arrangement to give him a financial reason to allow you to buy the coverage on him.
Posted: Tue May 17, 2011 11:07 pm Post Subject:
He will not agree to anything involving life insurance.
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