{"id":4613,"date":"2026-10-24T04:48:23","date_gmt":"2026-10-24T04:48:23","guid":{"rendered":"https:\/\/nrcpas.com\/life-insurance-guides\/key-person-insurance\/key-person-insurance-indian-shareholders\/"},"modified":"2026-10-31T02:31:35","modified_gmt":"2026-10-31T02:31:35","slug":"key-person-insurance-indian-shareholders","status":"publish","type":"page","link":"https:\/\/nrcpas.com\/life-insurance-guides\/key-person-insurance\/key-person-insurance-indian-shareholders\/","title":{"rendered":"Key Person Insurance with Indian Shareholders | NR CPAs"},"content":{"rendered":"\n<div class=\"wp-block-cover alignfull is-dark chg-hero\" style=\"min-height:460px;aspect-ratio:unset;\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-60 has-background-dim wp-block-cover__gradient-background has-background-gradient\" style=\"background:linear-gradient(90deg,rgba(32,36,46,1) 0%,rgba(32,36,46,1) 55%,rgba(32,36,46,0.7) 100%)\"><\/span><img class=\"wp-block-cover__image-background wp-image-4611\" alt=\"Senior operations manager reviewing production schedules and equipment logs at a workstation in a manufacturing facility.\" src=\"https:\/\/nrcpas.com\/life-insurance-guides\/wp-content\/uploads\/2026\/10\/senior-operations-manager-reviewing-production-schedules-and-photo-3.jpg\" width=\"1376\" height=\"768\" srcset=\"https:\/\/nrcpas.com\/life-insurance-guides\/wp-content\/uploads\/2026\/10\/senior-operations-manager-reviewing-production-schedules-and-photo-3-150x150.jpg 150w, https:\/\/nrcpas.com\/life-insurance-guides\/wp-content\/uploads\/2026\/10\/senior-operations-manager-reviewing-production-schedules-and-photo-3-300x167.jpg 300w, https:\/\/nrcpas.com\/life-insurance-guides\/wp-content\/uploads\/2026\/10\/senior-operations-manager-reviewing-production-schedules-and-photo-3-768x429.jpg 768w, https:\/\/nrcpas.com\/life-insurance-guides\/wp-content\/uploads\/2026\/10\/senior-operations-manager-reviewing-production-schedules-and-photo-3-1024x572.jpg 1024w, https:\/\/nrcpas.com\/life-insurance-guides\/wp-content\/uploads\/2026\/10\/senior-operations-manager-reviewing-production-schedules-and-photo-3.jpg 1376w\" sizes=\"(max-width: 825px) 825px, 100vw\" fetchpriority=\"high\" decoding=\"async\"\/><div class=\"wp-block-cover__inner-container has-global-padding is-layout-constrained wp-block-cover-is-layout-constrained\">\n<p class=\"chg-eyebrow has-base-color has-text-color wp-block-paragraph\" style=\"text-shadow:0 1px 3px rgba(0,0,0,0.6),0 0 18px rgba(0,0,0,0.35)\">Key Person Insurance | Florida<\/p><h1 class=\"wp-block-heading has-base-color has-text-color\" style=\"text-shadow:0 1px 3px rgba(0,0,0,0.6),0 0 18px rgba(0,0,0,0.35)\">Protect the business your shareholders depend on<\/h1><p class=\"has-base-color has-text-color wp-block-paragraph\" style=\"font-size:clamp(0.875rem, 0.875rem + ((1vw - 0.2rem) * 0.625), 1.25rem);text-shadow:0 1px 3px rgba(0,0,0,0.6),0 0 18px rgba(0,0,0,0.35)\">NR CPAs &amp; Business Advisors helps Indian-American shareholders and business owners in Florida plan key person life insurance, with a CPA&#x27;s view of tax and cash flow. Insurance is offered by Nischay Rawal, a licensed insurance agent, separately from the firm&#x27;s accounting practice.<\/p><div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\"><div class=\"wp-block-button chg-cta chg-cta-call\"><a class=\"wp-block-button__link wp-element-button\" href=\"tel:+19542316613\">Call us today to schedule a coverage review<\/a><\/div><div class=\"wp-block-button chg-cta chg-cta-form\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/nrcpas.com\/contact\">Call us today to schedule a coverage review<\/a><\/div><\/div>\n<\/div><\/div>\n\n\n<p class=\"wp-block-paragraph\" style=\"font-size:0.85rem;color:#6b7280;margin-bottom:1.5rem\">By Nischay Rawal \u00b7 Published October 24, 2026<\/p>\n\n<article lang=\"en\">\n\n\n<p>Key person insurance with Indian shareholders starts with two questions: who owns the business, and where do those owners live? A key person policy is a life insurance policy a company owns on an owner or employee whose death would hurt the business. When shareholders have ties to India or hold NRI status (non-resident Indian), ownership, consent and tax questions need planning before anyone buys. NR CPAs &amp; Business Advisors is a CPA firm in Miami. Insurance is offered by Nischay Rawal, a licensed insurance agent, separately from the accounting practice.<\/p>\n<h2>What key person insurance is and who it fits<\/h2>\n<p>Key person insurance is a life policy that a business owns on a key owner or employee. The business pays the premiums and receives the death benefit. The money helps the company cover a loss if that person dies.<\/p>\n<p>Companies typically use the benefit to:<\/p>\n<ul>\n<li>Replace income lost while the business rebuilds<\/li>\n<li>Pay recruiting and training costs for a replacement<\/li>\n<li>Reassure lenders or investors who rely on that person<\/li>\n<\/ul>\n<p>Closely held companies, professional practices and founder-led firms often discuss this coverage. The <a href=\"https:\/\/www.iii.org\/publication\/insuring-your-business-small-business-owners-guide-to-insurance\/specific-coverages\/life-insurance-for-key-employees\">Insurance Information Institute<\/a> explains that key person life insurance compensates a business for losses caused by a key employee&#8217;s death or disability.<\/p>\n<p>Two generic policy types come up most. Term life insurance covers a set number of years. Whole life insurance lasts for the insured&#8217;s life and builds cash value. The <a href=\"https:\/\/content.naic.org\/sites\/default\/files\/publication-lig-lp-consumer-life.pdf\">NAIC Life Insurance Buyer&#8217;s Guide<\/a> compares term and permanent coverage. The <a href=\"https:\/\/www.myfloridacfo.com\/docs-sf\/consumer-services-libraries\/consumerservices-documents\/understanding-coverage\/consumer-guides\/life-insurance-guide.pdf\">Florida Department of Financial Services guide<\/a> describes cash value and policy loans. Whole life is a life insurance policy, not an investment plan.<\/p>\n\n<figure class=\"wp-block-image size-large has-custom-border\"><img decoding=\"async\" src=\"https:\/\/nrcpas.com\/life-insurance-guides\/wp-content\/uploads\/2026\/10\/business-professional-reviewing-graphs-and-charts-at-a-desk-photo.jpg\" alt=\"Business professional reviewing graphs and charts at a desk in a modern office.\" style=\"border-radius:8px;width:100%;aspect-ratio:16\/9;object-fit:cover\"\/><\/figure>\n\n<div class=\"cta-dose-mid wp-block-group has-base-color has-accent-background-color has-text-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-32197852 wp-block-group-is-layout-constrained\" style=\"background-color:var(--wp--preset--color--accent,#20242e);color:var(--wp--preset--color--base,#ffffff);border-radius:8px;padding-top:1.5rem;padding-bottom:1.5rem;padding-left:1.5rem;padding-right:1.5rem;border-left:6px solid var(--wp--preset--color--cta,currentColor);box-shadow:0 2px 10px rgba(0,0,0,0.18)\">\n<p class=\"wp-block-paragraph\">If you&#x27;re gathering facts for a co-owner, a family member or a company you inherited, you don&#x27;t have to sort out ownership alone. Talk it through with our team &#8212; we can walk you through how a situation like yours is usually handled and what your options are.<\/p><div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\"><div class=\"wp-block-button chg-cta-call\"><a class=\"wp-block-button__link wp-element-button\" href=\"tel:+13058723096\">Schedule a coverage review<\/a><\/div><div class=\"wp-block-button chg-cta-form\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/nrcpas.com\/contact\">Schedule a coverage review<\/a><\/div><\/div>\n<\/div>\n<h2>Why Indian shareholders change the planning<\/h2>\n<p>Key person insurance with Indian shareholders follows the same basic rules as any policy. The facts about residence and citizenship add extra steps. Start with these questions:<\/p>\n<ul>\n<li>Where does each shareholder live now?<\/li>\n<li>What is each shareholder&#8217;s citizenship and residency?<\/li>\n<li>Which country&#8217;s rules may reach the company, the policy and any payout?<\/li>\n<\/ul>\n<p>Paperwork needs extra care for shareholders abroad. Identity documents, signatures and beneficiary forms must meet the insurer&#8217;s requirements. Consent forms need to be signed on time, so gather them early.<\/p>\n<p>Federal estate tax also depends on residence and citizenship. Under <a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/26\/2105\">26 U.S.C. \u00a7 2105(a)<\/a>, insurance on the life of a nonresident who is not a U.S. citizen is not treated as property within the United States for that tax. The facts drive the result. NRI life insurance is one of the practice areas this firm handles, and a coverage review can sort out these facts first.<\/p>\n<h2>Who owns, insures and receives the benefit<\/h2>\n<p>In most key person cases, the company owns the policy, pays the premiums and is the beneficiary. The key person is the insured. Each role can point to a different person or entity, so decide them on purpose.<\/p>\n<p>Florida law sets the consent rule. A business can have an insurable interest in its owners, directors, officers, partners, managers, key employees or key persons, and those of any affiliate or subsidiary, if each one consents in writing before the policy is bought. The business may not punish a key person who refuses. See <a href=\"https:\/\/www.leg.state.fl.us\/statutes\/index.cfm?App_mode=Display_Statute&amp;URL=0600-0699\/0627\/Sections\/0627.404.html\">Fla. Stat. \u00a7 627.404<\/a>.<\/p>\n<p>Your shareholder agreement matters too. Under <a href=\"https:\/\/www.leg.state.fl.us\/statutes\/index.cfm?App_mode=Display_Statute&amp;URL=0600-0699\/0607\/Sections\/0607.0732.html\">Fla. Stat. \u00a7 607.0732<\/a>, a shareholder agreement that follows the section is effective among the shareholders and the corporation. Its existence must be noted conspicuously on each share certificate or on the required information statement, though failing to note it does not affect the agreement&#8217;s validity.<\/p>\n<p>Federal reporting can also apply. Under <a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/26\/6039I\">26 U.S.C. \u00a7 6039I<\/a>, an applicable policyholder owning 1 or more employer-owned life insurance contracts issued after the date of the enactment of this section must file a return. The return shows whether valid consent was obtained for each insured employee.<\/p>\n<p>Ownership choice affects who controls the policy and how proceeds get used. Review that choice with your attorney and the company&#8217;s CPA before you sign.<\/p>\n<h2>Who may not qualify and what underwriting asks<\/h2>\n<p>Eligibility depends on three things: an insurable interest, written consent and the insurer&#8217;s underwriting decision. Owning shares alone does not settle any of them.<\/p>\n<ul>\n<li><strong>Insurable interest.<\/strong> The business needs a legal interest in the person it insures. Under <a href=\"https:\/\/www.leg.state.fl.us\/statutes\/index.cfm?App_mode=Display_Statute&amp;URL=0600-0699\/0627\/Sections\/0627.404.html\">Fla. Stat. \u00a7 627.404<\/a>, that interest does not have to last after coverage starts.<\/li>\n<li><strong>Consent.<\/strong> The insured must consent in writing on or before the contract is made. <a href=\"https:\/\/www.leg.state.fl.us\/statutes\/index.cfm?App_mode=Display_Statute&amp;URL=0600-0699\/0627\/Sections\/0627.404.html\">Fla. Stat. \u00a7 627.404<\/a> reads: &#8220;(5) A contract of insurance upon a person, other than a policy of prepaid funeral contract; group life insurance; or group or blanket accident, health, or disability insurance, may not be carried out unless, on or before the time of entering into such contract, the person insured, having legal capacity to contract, applies for or consents in writing to the contract and its terms, except that any person having an insurable interest in the life of a minor younger than 15 years of age or any person upon whom a minor younger than 15 years of age is dependent for support and maintenance may obtain a policy of insurance on the minor.&#8221;<\/li>\n<li><strong>Underwriting.<\/strong> The insurer reviews the application. Health questions are required, and issue may depend on insurability.<\/li>\n<\/ul>\n<p>Underwriters often ask for company financial statements, the key person&#8217;s role and pay, and ownership records with the shareholder agreement. Some applications are declined or offered on different terms. We walk through the reasons with the owner before any decision.<\/p>\n\n<div class=\"cta-dose-mid wp-block-group has-base-color has-accent-background-color has-text-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-32197852 wp-block-group-is-layout-constrained\" style=\"background-color:var(--wp--preset--color--accent,#20242e);color:var(--wp--preset--color--base,#ffffff);border-radius:8px;padding-top:1.5rem;padding-bottom:1.5rem;padding-left:1.5rem;padding-right:1.5rem;border-left:6px solid var(--wp--preset--color--cta,currentColor);box-shadow:0 2px 10px rgba(0,0,0,0.18)\">\n<h3 class=\"wp-block-heading has-base-color has-text-color\">Not sure what your next step is?<\/h3><p class=\"wp-block-paragraph\">Talk it through with our team &#8212; we can walk you through how a situation like yours is usually handled and what your options are.<\/p><div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\"><div class=\"wp-block-button chg-cta-call\"><a class=\"wp-block-button__link wp-element-button\" href=\"tel:+13058723096\">Schedule a coverage review<\/a><\/div><div class=\"wp-block-button chg-cta-form\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/nrcpas.com\/contact\">Schedule a coverage review<\/a><\/div><\/div>\n<\/div>\n<h2>How the process runs from coverage review to issue<\/h2>\n<p>The process moves through a coverage review, a need analysis, underwriting and policy delivery. Timing depends on the insurer&#8217;s underwriting, so no fixed date applies.<\/p>\n<ol>\n<li><strong>Coverage review.<\/strong> This first meeting maps ownership, the key person&#8217;s role and the company&#8217;s loss exposure.<\/li>\n<li><strong>Need and funding.<\/strong> Using the owner&#8217;s figures, we estimate a coverage amount. We show guaranteed and non-guaranteed values apart.<\/li>\n<li><strong>Application and underwriting.<\/strong> You answer health questions and complete any medical requirements the insurer sets. The insurer makes the decision.<\/li>\n<li><strong>Policy delivery.<\/strong> Under <a href=\"https:\/\/www.leg.state.fl.us\/statutes\/index.cfm?App_mode=Display_Statute&amp;URL=0600-0699\/0627\/Sections\/0627.455.html\">Fla. Stat. \u00a7 627.455<\/a>, a life policy must become incontestable after it has been in force during the insured&#8217;s lifetime for two years from its date of issue. Plainly, the insurer generally loses its right to contest the policy after that. Unpaid premiums are one exception. Also, at the option of the insurer, provisions relative to benefits in event of disability and provisions which grant additional insurance specifically against death by accident or accidental means are excepted.<\/li>\n<li><strong>Engagement.<\/strong> Insurance is offered by a licensed agent, separately from the accounting practice. Where a commission applies, the firm discloses that fact to the client in writing, as Florida law requires.<\/li>\n<\/ol>\n<h2>Tax, cash flow and buy-sell links<\/h2>\n<p>The death benefit is generally excluded from income tax, but ownership and payment details can change the result. Under <a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/26\/101\">26 U.S.C. \u00a7 101(a)<\/a>, gross income does not include amounts received under a life insurance contract if such amounts are paid by reason of the death of the insured. For an employer-owned life insurance contract, however, <a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/26\/101\">\u00a7 101(j)<\/a> limits the amount an applicable policyholder can exclude to the sum of the premiums and other amounts paid by the policyholder for the contract, subject to the exceptions in <a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/26\/101\">\u00a7 101(j)<\/a>, which apply only if its notice and consent requirements are met. Transfers of a policy can change that result, so ownership changes need a review.<\/p>\n<p>Premiums are a steady cost. Build a premium budget that fits payroll, loan payments and other company obligations. Some owners spread payments over time. The coverage review tests whether that plan works for the business.<\/p>\n<p>A buy-sell agreement sets what happens to a shareholder&#8217;s shares at death or exit. Buy-sell agreement insurance can provide cash for that purchase. Key person coverage protects the business against the loss itself. Many owners need both, so review them together. We look at these points from a CPA&#8217;s view and coordinate with the owner&#8217;s tax advisor.<\/p>\n\n<figure class=\"wp-block-image size-large has-custom-border\"><img decoding=\"async\" src=\"https:\/\/nrcpas.com\/life-insurance-guides\/wp-content\/uploads\/2026\/10\/diverse-professionals-collaborate-on-business-planning-aroun-photo.jpg\" alt=\"Professionals gathered around a table in a modern office, collaboratively planning business strategy.\" style=\"border-radius:8px;width:100%;aspect-ratio:16\/9;object-fit:cover\"\/><\/figure>\n<h2>Common questions and a next step<\/h2>\n<p>Most answers depend on ownership, residency and underwriting. A coverage review is the place to sort them out.<\/p><details class=\"wp-block-details chg-faq is-layout-flow wp-block-details-is-layout-flow\"><summary>Who owns key person life insurance?<\/summary><p class=\"wp-block-paragraph\">Usually the company owns the policy, pays the premiums and receives the benefit. The insured person must consent in writing.<\/p><\/details><details class=\"wp-block-details chg-faq is-layout-flow wp-block-details-is-layout-flow\"><summary>Who is not eligible?<\/summary><p class=\"wp-block-paragraph\">Eligibility depends on insurable interest, written consent and the insurer&#8217;s underwriting. No one qualifies in advance.<\/p><\/details><details class=\"wp-block-details chg-faq is-layout-flow wp-block-details-is-layout-flow\"><summary>What is key man insurance?<\/summary><p class=\"wp-block-paragraph\">Key man insurance is another name for key person insurance. Both describe a company-owned policy on a vital owner or employee.<\/p><\/details><details class=\"wp-block-details chg-faq is-layout-flow wp-block-details-is-layout-flow\"><summary>Is key person insurance tax deductible?<\/summary><p class=\"wp-block-paragraph\">Tax treatment depends on the policy, the ownership and the facts. We review it during the coverage review.<\/p><p>Fees for the coverage review are explained in writing before you agree to anything.<\/p>\n<p>If you&#8217;re gathering facts for a co-owner, a family member or a company you inherited, you don&#8217;t have to sort out ownership alone. Protecting the people who depend on the business starts with the facts. <a href=\"https:\/\/nrcpas.com\/contact\">Contact NR CPAs &amp; Business Advisors<\/a> to set up a coverage review.<\/p><\/details><\/article>\n<footer class=\"disclaimer\"><em>NR CPAs &amp; Business Advisors, LLC, 782 NW 42nd Avenue, Suite 534, Miami, FL 33126. Life insurance is offered by Nischay Rawal, a Florida-licensed life and health insurance agent (license G066337). This page is general information about life insurance, not tax, legal or investment advice, and not an offer of any specific policy. Coverage, premiums and benefits depend on the issuing insurer&#x27;s underwriting and the policy&#x27;s terms. Policy loans and withdrawals reduce cash value and the death benefit and may have tax consequences.<\/em><\/footer>\n\n\n<div class=\"wp-block-group alignwide has-global-padding is-layout-constrained wp-container-core-group-is-layout-583d630a wp-block-group-is-layout-constrained\" style=\"padding-top:3rem;padding-bottom:3rem;padding-left:1.5rem;padding-right:1.5rem\">\n\n<div class=\"cta-dose-mid wp-block-group has-base-color has-accent-background-color has-text-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-32197852 wp-block-group-is-layout-constrained\" style=\"background-color:var(--wp--preset--color--accent,#20242e);color:var(--wp--preset--color--base,#ffffff);border-radius:8px;padding-top:1.5rem;padding-bottom:1.5rem;padding-left:1.5rem;padding-right:1.5rem;border-left:6px solid var(--wp--preset--color--cta,currentColor);box-shadow:0 2px 10px rgba(0,0,0,0.18)\">\n<h3 class=\"wp-block-heading has-base-color has-text-color\">Have questions about what happened?<\/h3><p class=\"wp-block-paragraph\">Ask our team directly. Tell us what you are dealing with and we will explain how the process works from here.<\/p><div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\"><div class=\"wp-block-button chg-cta-call\"><a class=\"wp-block-button__link wp-element-button\" href=\"tel:+13058723096\">Talk to our team<\/a><\/div><div class=\"wp-block-button chg-cta-form\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/nrcpas.com\/contact\">Talk to our team<\/a><\/div><\/div>\n<\/div>\n<h2 class=\"wp-block-heading has-text-align-center\">What we focus on<\/h2>\n<div class=\"wp-block-columns alignwide is-layout-flex wp-container-core-columns-is-layout-f56f613f wp-block-columns-is-layout-flex\"><div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><p class=\"wp-block-paragraph\"><span class=\"chg-icon chg-icon--users\"><\/span><\/p><h3 class=\"wp-block-heading\">Shareholder-focused planning<\/h3><p class=\"wp-block-paragraph\">We look at how each owner&#x27;s role, ownership and family situation connect to the company&#x27;s continuity.<\/p><\/div><div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><p class=\"wp-block-paragraph\"><span class=\"chg-icon chg-icon--document\"><\/span><\/p><h3 class=\"wp-block-heading\">Clear policy structure<\/h3><p class=\"wp-block-paragraph\">We explain who owns the policy, who pays the premiums and who receives any benefit, in plain words.<\/p><\/div><div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><p class=\"wp-block-paragraph\"><span class=\"chg-icon chg-icon--lightbulb\"><\/span><\/p><h3 class=\"wp-block-heading\">Tax and cash flow context<\/h3><p class=\"wp-block-paragraph\">Our CPA perspective helps you weigh how premiums and benefits may affect the business&#x27;s finances.<\/p><\/div><div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><p class=\"wp-block-paragraph\"><span class=\"chg-icon chg-icon--phone\"><\/span><\/p><h3 class=\"wp-block-heading\">Direct contact<\/h3><p class=\"wp-block-paragraph\">Our team and licensed agent are available to answer your questions by phone.<\/p><\/div><\/div>\n\n<\/div>\n\n\n\n<div class=\"wp-block-group has-base-color has-accent-background-color has-text-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-32197852 wp-block-group-is-layout-constrained\" style=\"background-color:var(--wp--preset--color--accent,#20242e);color:var(--wp--preset--color--base,#ffffff);border-radius:8px;padding-top:1.5rem;padding-bottom:1.5rem;padding-left:1.5rem;padding-right:1.5rem;border-left:6px solid var(--wp--preset--color--cta,currentColor);box-shadow:0 2px 10px rgba(0,0,0,0.18)\">\n<h3 class=\"wp-block-heading has-base-color has-text-color\">Before you decide<\/h3><p class=\"wp-block-paragraph\">Key person insurance is subject to health questions, underwriting and the insurer&#x27;s approval. Coverage is not assured for every applicant, and a policy&#x27;s terms, limits and exclusions should be reviewed with your agent before you buy.<\/p><div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\"><div class=\"wp-block-button chg-cta-call\"><a class=\"wp-block-button__link wp-element-button\" href=\"tel:+19542316613\">Call us today to schedule a coverage review<\/a><\/div><div class=\"wp-block-button chg-cta-form\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/nrcpas.com\/contact\">Call us today to schedule a coverage review<\/a><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group alignfull has-surface-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-583d630a wp-block-group-is-layout-constrained\" style=\"padding-top:3rem;padding-bottom:3rem;padding-left:1.5rem;padding-right:1.5rem\">\n<h2 class=\"wp-block-heading has-text-align-center\">How a coverage review works<\/h2>\n<div class=\"wp-block-columns alignwide is-layout-flex wp-container-core-columns-is-layout-f56f613f wp-block-columns-is-layout-flex\"><div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><div class=\"wp-block-group has-base-background-color has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"border-radius:8px;box-shadow:0 4px 14px rgba(0,0,0,0.08);padding-top:1.5rem;padding-bottom:1.5rem;padding-left:1.5rem;padding-right:1.5rem\"><h3 class=\"wp-block-heading\">1. Share your business details<\/h3><p class=\"wp-block-paragraph\">Tell us about your company, its owners and the people whose work is most important to its operation.<\/p><\/div><\/div><div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><div class=\"wp-block-group has-base-background-color has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"border-radius:8px;box-shadow:0 4px 14px rgba(0,0,0,0.08);padding-top:1.5rem;padding-bottom:1.5rem;padding-left:1.5rem;padding-right:1.5rem\"><h3 class=\"wp-block-heading\">2. Review the key roles<\/h3><p class=\"wp-block-paragraph\">We discuss which people may qualify as key persons and how the coverage would fit your ownership structure.<\/p><\/div><\/div><div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><div class=\"wp-block-group has-base-background-color has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"border-radius:8px;box-shadow:0 4px 14px rgba(0,0,0,0.08);padding-top:1.5rem;padding-bottom:1.5rem;padding-left:1.5rem;padding-right:1.5rem\"><h3 class=\"wp-block-heading\">3. Consider tax and cash flow<\/h3><p class=\"wp-block-paragraph\">Our CPA team reviews how premiums, ownership and any benefit may affect the company&#x27;s finances.<\/p><\/div><\/div><div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><div class=\"wp-block-group has-base-background-color has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"border-radius:8px;box-shadow:0 4px 14px rgba(0,0,0,0.08);padding-top:1.5rem;padding-bottom:1.5rem;padding-left:1.5rem;padding-right:1.5rem\"><h3 class=\"wp-block-heading\">4. Decide with your agent<\/h3><p class=\"wp-block-paragraph\">Nischay Rawal, a licensed insurance agent, walks you through the policy options before you make any decision.<\/p><\/div><\/div><\/div>\n\n<\/div>\n\n\n\n<div class=\"wp-block-group alignfull has-base-color has-primary-background-color has-text-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-4d466591 wp-block-group-is-layout-constrained\" style=\"background-color:var(--wp--preset--color--primary,#20242e);color:var(--wp--preset--color--base,#ffffff);padding-top:3rem;padding-bottom:3rem;padding-left:1.5rem;padding-right:1.5rem\">\n<h2 class=\"wp-block-heading has-text-align-center has-base-color has-text-color\">Protect your loved ones and the business they rely on<\/h2>\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-0aa01211 wp-block-buttons-is-layout-flex\"><div class=\"wp-block-button chg-cta chg-cta-call\"><a class=\"wp-block-button__link wp-element-button\" href=\"tel:+19542316613\">Call us today<\/a><\/div><div class=\"wp-block-button chg-cta chg-cta-form\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/nrcpas.com\/contact\">Call us today<\/a><\/div><\/div>\n<\/div>\n\n<!-- chg:section-siblings -->\n<nav aria-label=\"More in this section\">\n<h2>More in this section<\/h2>\n<ul><li><a href=\"\/life-insurance-guides\/key-person-insurance\/key-person-insurance-insurable-interest\/\">Key Person Insurance Insurable Interest<\/a><\/li><li><a href=\"\/life-insurance-guides\/key-person-insurance\/key-person-insurance-insurance-agency\/\">Key Person Insurance for an Insurance Agency: Protecting the Producer Who Holds the Book<\/a><\/li><li><a href=\"\/life-insurance-guides\/key-person-insurance\/key-person-insurance-insured-dies-abroad-india\/\">What Happens to a Key Person Policy If the Insured Dies While Living or Traveling in India?<\/a><\/li><li><a href=\"\/life-insurance-guides\/key-person-insurance\/key-person-insurance-it-consulting-company\/\">Key Person Insurance for an IT Consulting Company: Protecting Owners and Client Contracts<\/a><\/li><li><a href=\"\/life-insurance-guides\/key-person-insurance\/key-person-insurance-keep-company-operating-if-owner-dies\/\">Can My Company Keep Operating if I Die? A Business Owner&#x27;s Plan for Cash Flow<\/a><\/li><\/ul>\n<\/nav>\n<!-- \/chg:section-siblings -->","protected":false},"excerpt":{"rendered":"<p>Key person insurance with Indian shareholders: how ownership, consent, underwriting and tax fit together. Start with a coverage review from NR CPAs.<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":16,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"chg_review":"","chg_sendback":"","chg_canonical":"","chg_lang":"","chg_hreflang":"","chg_jsonld":"[{\"@context\": \"https:\/\/schema.org\", \"speakable\": {\"@type\": \"SpeakableSpecification\", \"cssSelector\": [\"article > p:first-of-type\", \".wp-block-details p\", \"article > h1\"]}, \"author\": {\"@type\": \"Person\", \"name\": \"Nischay Rawal\", \"url\": \"https:\/\/nrcpas.com\/author\", \"jobTitle\": \"Managing Partner, CPA, EA and Licensed Life Insurance Agent\", \"sameAs\": [\"https:\/\/licenseesearch.fldfs.com\/Licensee\/2306161\", \"https:\/\/www.myfloridalicense.com\/portalsearches\/VerifyLicensee\/LicenseDetail?ID=D6E76E58125054CFA98C8D92AF9DBC44\", \"https:\/\/www.taxbuzz.com\/florida\/miami\/nr-cpas-and-business-advisors-llc\", \"https:\/\/x.com\/nrawal786\", \"https:\/\/www.linkedin.com\/in\/nischay-rawal-cpa-ea-22741924a\/?isSelfProfile=false\"]}, \"publisher\": {\"@type\": \"Organization\", \"@id\": \"https:\/\/nrcpas.com\/life-insurance-guides\/#organization\", \"name\": \"NR CPAs & Business Advisors\", \"url\": \"https:\/\/nrcpas.com\/\"}, \"reviewedBy\": {\"@type\": \"Person\", \"name\": \"Erika Trinidad\", \"jobTitle\": \"Accountant\"}, \"inLanguage\": \"en\", \"mainEntity\": [{\"@type\": \"Question\", \"name\": \"Who owns key person life insurance?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Usually the company owns the policy, pays the premiums and receives the benefit. The insured person must consent in writing.\"}}, {\"@type\": \"Question\", \"name\": \"Who is not eligible?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Eligibility depends on insurable interest, written consent and the insurer's underwriting. No one qualifies in advance.\"}}, {\"@type\": \"Question\", \"name\": \"What is key man insurance?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Key man insurance is another name for key person insurance. Both describe a company-owned policy on a vital owner or employee.\"}}, {\"@type\": \"Question\", \"name\": \"Is key person insurance tax deductible?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Tax treatment depends on the policy, the ownership and the facts. We review it during the coverage review.Fees for the coverage review are explained in writing before you agree to anything. 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