Chester “C. Edziu” Pacana is a conservative wealth-management planner at DeRosa & Associates in Jamestown, Tennessee, where he serves the needs of high-net-worth clients. Chester Pacana educates clients about annuities and various life insurance products, including key person insurance. Key person insurance is purchased by a business to mitigate losses if a key executive, such as the owner, dies. Sometimes called "key man” or “key woman” insurance, or even "business life insurance,” the policy is taken out in cases where losing a high-contributing executive would mean a significant negative impact on the company's operations. The key person insurance payout helps the company tread water while it strategizes ways to maintain the business moving forward. The insurance funds can be used to pay off debts, distribute money to investors, or even pay severance to employees if the business must close. Key person insurance is an attractive alternative to having to declare bankruptcy in the face of an untimely death.
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AuthorChester Pacana - Experienced Conservative Wealth Management Planner. Archives
July 2019
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