--- title: Key Person Life Insurance | Business Partner Insurance | Concklin description: Key Person | Business Partner | Vital Employee | Business Insurance Solutions | The Right Insurance at Competitive Rates & Prices | Top Rated Carriers image: https://insurance.concklin.com/hubfs/management-career-achievement-opportunity-concept-2022-12-16-01-21-28-utc-1.jpeg --- [Skip to content](https://insurance.concklin.com/key-person-life-insurance#main-content) [facebook-f icon](https://www.facebook.com/ConcklinInsurance) [linkedin-in icon](https://www.linkedin.com/company/concklin-insurance-agency) [Twitter icon](https://twitter.com/ConcklinA) [youtube icon](https://www.youtube.com/channel/UC_HnJQ4S_USSxBJkauXwu6A) [**Contact Our Team**](https://insurance.concklin.com/compare-quotes#CLQuoteRequest) **[630-268-1600](tel:+16302681600)** **[Contact Our Team](https://insurance.concklin.com/compare-quotes#CLQuoteRequest)** **[630-268-1600](tel:+16302681600)** [![Concklin Logo-1](https://insurance.concklin.com/hs-fs/hubfs/Concklin%20Logo-1.png?width=314&height=100&name=Concklin%20Logo-1.png)](https://insurance.concklin.com/) - About Us Show submenu for About Us - [Our Story](https://insurance.concklin.com/about-us-who-we-are) - [Our Team](https://insurance.concklin.com/meet-our-team) - [Contact Us](https://insurance.concklin.com/contact-us) - [Markets & Industries](https://insurance.concklin.com/industry-specific-insurance-programs) - [Business Insurance](https://insurance.concklin.com/business-insurance-coverage) - [Personal Insurance](https://insurance.concklin.com/personal-lines-insurance-coverage) - Life & Health Insurance Show submenu for Life & Health Insurance - [Life Insurance](https://insurance.concklin.com/life-insurance) - [Health Insurance](https://insurance.concklin.com/health-insurance) - Resources Show submenu for Resources - [Claims Resources](https://insurance.concklin.com/claims-resources) - [Cyber Resources](https://insurance.concklin.com/cyber-insurance-resources) - [Blog](https://blog.concklin.com/) - [Video Library](https://blog.concklin.com/video-library) - [Client Portal](https://insurance.concklin.com/client-portal) - [Make A Payment](https://concklin.appliedpay.com/) Open main navigation Close main navigation - About Us Show submenu for About Us - [Our Story](https://insurance.concklin.com/about-us-who-we-are) - [Our Team](https://insurance.concklin.com/meet-our-team) - [Contact Us](https://insurance.concklin.com/contact-us) - [Markets & Industries](https://insurance.concklin.com/industry-specific-insurance-programs) - [Business Insurance](https://insurance.concklin.com/business-insurance-coverage) - [Personal Insurance](https://insurance.concklin.com/personal-lines-insurance-coverage) - Life & Health Insurance Show submenu for Life & Health Insurance - [Life Insurance](https://insurance.concklin.com/life-insurance) - [Health Insurance](https://insurance.concklin.com/health-insurance) - Resources Show submenu for Resources - [Claims Resources](https://insurance.concklin.com/claims-resources) - [Cyber Resources](https://insurance.concklin.com/cyber-insurance-resources) - [Blog](https://blog.concklin.com/) - [Video Library](https://blog.concklin.com/video-library) - [Client Portal](https://insurance.concklin.com/client-portal) - [Make A Payment](https://concklin.appliedpay.com/) --- # Key Person Life Insurance ## What is key person insurance? Key person life insurance is a type of life insurance policy that is taken out by a company on the life of an individual who is a key employee or a key contributor to the company's success. The purpose of key person life insurance is to provide financial protection to the company in the event of the unexpected death of the key employee. There are several reasons why a company might need to purchase key person life insurance. One reason is to protect the company's financial stability in the event of the loss of a key employee. The death of a key employee could have a significant impact on a company's operations, especially if the employee played a critical role in the company's success. For example, if a company's sales manager dies unexpectedly, the company may experience a significant drop in sales, which can have a negative impact on the company's bottom line. Key person life insurance can help to mitigate this financial risk by providing the company with a financial cushion to help it recover from the loss of the key employee. There are a few different types of key person life insurance policies that a company can choose from. One type is a term life insurance policy, which provides coverage for a specific period, such as 10 or 20 years. Another type is a permanent life insurance policy, which provides coverage for the entirety of the key employee's life. The type of policy that is best for a company will depend on its specific needs and circumstances. To purchase key person life insurance, a company will typically need to provide information about the key employee, such as their age, health, and occupation. The company will also need to specify the amount of coverage it wants to purchase, as well as the length of the policy. The cost of key person life insurance will depend on a variety of factors, including the age and health of the key employee, the amount of coverage being purchased, and the length of the policy. Talk to one of our knowledgeable insurance professionals to learn more about key life insurance and how it can address the unique needs of your business. ### Coverage Solutions In the event of the death of a key person with coverage the payoff can be use to: - Cover expenses until replacement personal can be hired - Pay off debts, distribute money to investors - Pay severance to employees in the event of a sudden closure - Buy back ownership in the company - Avoid bankruptcy - & More ### Request More Information ## Talk to a Life Insurance Agent --- ![Kim-1](https://insurance.concklin.com/hs-fs/hubfs/Headshots/Kim-1.jpg?width=327&height=400&name=Kim-1.jpg "Kim-1") **Kimberley Mondus** Life and Health Benefits Manager [kimberley@concklin.com](mailto:kimberley@concklin.com) In the insurance business since 1989, with almost 30 years in the insurance business, Kimberley Mondus started with John Hancock Insurance in the group health department, processing medical and dental claims, where she then became a claims auditor and trainer. John Hancock group health was then purchased by Wellpoint's Unicare Insurance in 1996 where she continued to audit claims for large companies such as Com Ed and Abbott Labs. In 2000 she moved to the agency side of the business for Group Health and Life and has been there ever since. Kimberley joined the Concklin Insurance Agency family in 2015 and would like to continue to add to her knowledge of insurance with Commercial and Personal lines coverage as well. She is licensed in Life & Health as well as Property & Casualty. ## The Concklin Difference --- Family Owned Small Business We understand small business because we are one. Concklin Insurance Agency was started by Craig Concklin and his father, Tom Concklin in 1981.  We continue to be a family owned, small business to this day. Independent Insurance Agents Concklin Insurance Agency has relationships with over 30 insurance carriers.  This means we have options to make sure you have the coverage you need, at the best value - uninterrupted. Value Added Services We offer a wide range of value added services including our [Client Resource Portal](https://insurance.concklin.com/client-portal) and comprehensive [Training and Learning Solutions Portal.](https://insurance.concklin.com/hubfs/One%20time%20use/ZywaveLearning_ForClient_Course%20List_8_31_20.pdf) Community Involvement We understand the importance of community. Which is why we participate in fund raisers, and donate directly to local and national nonprofits.   Client Advocacy As Trusted Insurance Advisors we are your advocate for all things insurance. We are here to talk about ways to mitigate your losses, provide insights into the insurance market and trends, and ,should a claim occur, we are in your corner every step of the way. Referral Program At the end of every quarter we donate $20 for each referral we receive. If you'd like to learn more about our referral program, or send us a referral -[click here.](https://insurance.concklin.com/referrals) ## Talk to one of our Property & Casualty Experts --- ![Craig Concklin](https://insurance.concklin.com/hubfs/Headshots/Craig%20Concklin-1.jpeg "Craig Concklin") ### Craig Concklin [craig@concklin.com](mailto:craig@concklin.com) ##### President [See My Bio](https://insurance.concklin.com/craig-concklin) ![Michael Mormando-1](https://insurance.concklin.com/hs-fs/hubfs/Headshots/Michael%20Mormando-1.jpeg?width=200&height=200&name=Michael%20Mormando-1.jpeg "Michael Mormando-1") ### Michael Mormando [michael@concklin.com](mailto:michael@concklin.com) ##### Agent/Producer [See My Bio](https://insurance.concklin.com/michael-mormando) ![Mike O 2020 website](https://insurance.concklin.com/hs-fs/hubfs/Mike%20O%202020%20website.jpeg?width=200&height=200&name=Mike%20O%202020%20website.jpeg "Mike O 2020 website") ### Michael O'Donnell [mikeo@concklin.com](mailto:mikeo@concklin.com) ##### Agent/Producer [See My Bio](https://insurance.concklin.com/the-right-insurance-with-mike-odonnell-business-and-personal)   ![Christine Lee Headshot 2021 website-1](https://insurance.concklin.com/hs-fs/hubfs/Christine%20Lee%20Headshot%202021%20website-1.jpeg?width=200&height=200&name=Christine%20Lee%20Headshot%202021%20website-1.jpeg "Christine Lee Headshot 2021 website-1") ### Christine Lee [christine.lee@concklin.com](mailto:christine.lee@concklin.com) ##### Agent/Producer [See My Bio](https://insurance.concklin.com/christine-lee) ![Peter 2](https://insurance.concklin.com/hs-fs/hubfs/Peter%202.jpeg?width=200&height=200&name=Peter%202.jpeg "Peter 2") ### Peter Mormando [peter@concklin.com](mailto:peter@concklin.com) ##### Agent/Producer [See My Bio](https://insurance.concklin.com/the-right-insurance-with-peter-mormando-business-and-personal) ## Additional Resources --- ### [Client Portal](https://insurance.concklin.com/client-portal) [![Client Portal](https://insurance.concklin.com/hubfs/Client%20Portal.png "Client Portal")](https://insurance.concklin.com/client-portal) We’ve partnered with a reputable company called Zywave to provide this portal. All the content is written by their team of experienced attorneys and professional writers, so you never have to worry about validating information again. Get to know some of the areas of your portal and how its resources can make your day easier. Receive emails announcing new content tailored to your industry, state and preferences as often as you like. And if you have any questions—at any time—feel free to contact your Concklin Insurance Agency representative. ### [Client Advocacy](https://insurance.concklin.com/client-advocacy) [![consulting-with-colleague-2021-09-24-03-40-08-utc](https://insurance.concklin.com/hubfs/consulting-with-colleague-2021-09-24-03-40-08-utc.jpg "consulting-with-colleague-2021-09-24-03-40-08-utc")](https://insurance.concklin.com/client-advocacy) Independent Agents act more like Trusted Advisors. We have your best interests in mind, even after coverage is bound. Like a Trusted Advisor, Independent Agents are your advocate if a claim should occur. Being in your corner means being there every step of the way, from helping you decide if a claim should be filed to talking with claims auditors and adjusters, the wellbeing of our clients is our number one priority. ### [The Concklin Blog](https://blog.concklin.com) Each month we discuss ways you can better equip yourself to handle your risks and exposures.  We bring insights into safety and risk management, answer questions about coverage, and discuss topic relevant to helping you understand your exposures and avoid coverage gaps. We post on average twice per month, with one topic focused on Personal coverage and another topic focused on Commercial & Businesses. 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MISSTATEMENTS OR OMISSIONS OF RELEVANT INFORMATION CAN LEAD TO PRICE VARIATION OR EVEN DECLINATION OR RESCISSION OF COVERAGE. NONE OF THE INFORMATION PROVIDED ON THIS WEBSITE IS A GUARANTEE THAT INSURANCE WILL BE PROVIDED OR THAT CONCKLIN INSURANCE AGENCY IS OBLIGATED TO PROCURE INSURANCE FOR ANY WEBSITE VISITORS. 240 S. WESTMORE MEYERS ROAD, LOMBARD IL 60148 630-268-1600 | [CONCKLIN@CONCKLIN.COM](mailto:concklin@concklin.com) [Privacy Policy](https://insurance.concklin.com/privacy-policy) Copyright © 2026, Concklin Insurance Agency ```json { "@context" : "https://schema.org", "@id" : "https://insurance.concklin.com/#organization", "@type" : [ "Organization", "LocalBusiness", "InsuranceAgency" ], "address" : { "@type" : "PostalAddress", "addressCountry" : "US", "addressLocality" : "Lombard", "addressRegion" : "IL", "postalCode" : "60148", "streetAddress" : "240 S. 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