Work related/key man insurance/job security
I know it's alot to fit in the title but just not sure how to title this situation. I'll try to be brief but detailed at the same time. Here's our situation.
Husband and I both work together for the same person. We are the only employees. Key man - is an insurance agent for largely recognized insurance company. He has contract with said company we are his employees with no ties to large insurance company. We are extremely concerned about our job security should something happen to this agent/our boss. He lives a healthy life but takes alot of risk while at play. He vacations 5-6 times a year, jumps out of planes, jumps of rocks into bodies of water, scuba dives, and spends much of his time traveling via automobile to the mountains. If something were to happen to him I know his wife well enough that she wants nothing to do with the business, she wouldn't want to drive through town and see his name on a sign as a constant reminder. She'd probably move out of state. He confirms this. She would probably sell the business and we would be out of jobs. On the other hand since they obviously vacation together, another concern for us is that something could happen to both of them. If that was the case this large insurance company would step in and have their way with the business with no regard for us. Again, we'd be out of jobs. Does anyone know of a business type/life insurance/key man insurance plan that could protect our incomes for up to a year or give us the opportunity to purchase the business? The agent/boss and I have discussed this at great length, he understands my concern but has no idea how to address the need. We have been friends/neighbors for 20 years and I know he's concerned as well. We've looked into purchasing life insurance with my husband and I as beneficiaries with an amount that protects our income for 7 years or gives us the money to purchase the book of business and keep our jobs. The agent would have to be the owner/payor but we would reimburse him the premiums. The insurance company we write for doesn't want to do this but will not offer us any ideas how to successfully do it. Any suggestions. If more information is needed, I'll be happy to give it.
Thank you in advance for your imput.