Key Person/Business If your business is highly dependent on the contribution of a key business member then Key Person Life insurance should be an important option to consider.  Protects the continuity of your business in event of the death of a key business member - the proceeds could be used to help manage issues such as: Recruiting and Training the key person’s replacement which is often costly and time consuming. Repaying debts to creditors Reassuring clients and employees that the business will continue to function