When the Unexpected Happens
How One Business Survived Thanks to Key Person Life Insurance
When Luke and Lakeisha launched their boutique software firm a decade ago, they knew each other's strengths like the backs of their hands. Luke was the visionary — the rainmaker. Lakeisha, the technical brain behind the operation, built the firm's signature platform from the ground up.
Together, they created something special: a company that grew from a two-person idea to a 40-employee operation, serving clients nationwide. But what they didn't anticipate — what most business owners never plan for — was how quickly everything could change.
The Unthinkable
At just 46 years old, Lakeisha passed away suddenly following a brief illness. It wasn't just a personal tragedy. For the business, it was a seismic blow.
She held the intellectual architecture of the company. Clients called her when problems needed solving. Investors trusted her insights. And without her, the company's future hung in the balance.
The Safety Net They Had the Foresight to Build
Thankfully, years earlier, Luke and Lakeisha had worked with a financial consultant who helped them secure Key Person Life Insurance on each other.
When Lakeisha passed, the policy paid out a tax-free lump sum to the business — enough to:
- ✅ Cover the immediate loss of revenue from paused projects
- ✅ Hire an experienced interim CTO to stabilize operations
- ✅ Provide financial reassurance to clients, staff, and investors
- ✅ Give Luke and the board breathing room to plan without panic
The Outcome
Today, the company is still thriving. They renamed one of their core products in Lakeisha's honor. And every time Luke shares their story, he ends with this truth:
"That policy saved our company. It gave us a fighting chance when everything could've collapsed. Without it, I honestly don't know if we'd still be here."
Key Person Life Insurance isn't about expecting tragedy — it's about preparing for the possibility. For companies that rely on one or two key individuals, it may be the most important protection you ever put in place.
"We always thought our growth was our greatest strength. But in hindsight, having a key person policy in place was the smartest move we made. It gave us time to regroup — and time is everything in business."
— Evelyn R., Co-Founder, An Analytics Company
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