Key person insurance
Key person insurance provides specialized coverage to protect your business from the financial impact of losing essential team members due to illness, disability, or death. These individuals are critical to growth, stability, and long-term success—and their unexpected absence can disrupt operations, impact revenue, and shake investor confidence.
Investing in key person coverage helps safeguard business continuity and financial resilience, so your organization can navigate change without losing momentum.
Explore our employee benefits products
Why choose Westland for your employee benefits
Our aim is to help you create comprehensive, sustainable and value- added benefits plans that foster employee engagement and well-being within your organization.

Boutique, advisory culture
We act as an extension of your team and build long standing relationships that produce positive business and well-being outcomes.

Access to markets
Our access to national and international resources guarantees a world class group benefits program for your people.

Industry expertise
We focus on understanding your needs and building a benefits plan that delivers real value—not just a product.

Data driven solutions
We benchmark your benefits against industry standards to reveal gaps and opportunities—so you can tailor your plan to your people.

Rollout support
We’ll help integrate your benefits plan into your company culture, supporting rollout with tools for ongoing employee education.

Communication
We’ll ensure you understand the full value of your offerings, are aware of pitfalls, and stay informed about changes impacting your plan.

Integrated offerings
Access a wider product choice through Westland Insurance, including integrated group benefits and business insurance solutions.

Award-winning service
Westland Insurance is Insurance Business Canada's 'Big Brokerage of the Year' 2023 award winner, and a 2023 5-star brokerage.

Driven by purpose
Since 1980, we've supported our local communities. Each year, we commit $1m+ into initiatives spanning DEI, food insecurity and more.
Key person insurance, explained
Key person insurance ensures financial stability by covering lost revenue, hiring costs, and business disruptions if a key person is unable to work.
Coverage options can include life insurance, disability insurance, critical illness protection, and business overhead insurance. Enhanced health benefits and personal insurance for the key person or shareholder are often included.
In some cases, premiums may be deductible as a business expense, depending on the policy structure and applicable tax laws. We recommend consulting a tax professional.
Depending on the policy, the insured may have the option to convert or transfer coverage upon departure.
Executive plans typically offer higher coverage limits, additional perks, and greater flexibility in policy customization.
Premiums depend on factors like coverage type, policy limits, age and health, and the role and industry.
A buy-sell funding agreement ensures a smooth transition of business ownership by providing the necessary funds for surviving partners or shareholders to buy out a deceased, disabled, or ill shareholder’s interest in the business.
Submit a key person insurance enquiry
We always go the extra mile for our clients. With a 4.8 rating from over 50,000 online reviews, our commitment to providing exceptional insurance services is unwavering.
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