Business insurance · Miami, FL (Miami-Dade County)
Key Person Insurance & Executive Bonus in Miami, Florida
15.8% of Miami workers are self-employed, well above the U.S. figure of 9.8%. Self-employed people have no employer plan for health, life or disability coverage. Coverage on vital employees whose loss would disrupt operations, plus Section 162 executive bonus designs that can help retain leadership with tax-advantaged structure discussions. Olive, a licensed agent with Manna Financial Services, helps Miami, FL households compare key person insurance by phone or video, and the first conversation is free.
What matters for key person insurance in Miami
15.8% of Miami workers are self-employed (U.S.: 9.8%). Owners often need to cover themselves as well as their team, so we look at personal and business coverage together.
Miami by the numbers
- 15.8% of Miami workers are self-employed, well above the U.S. figure of 9.8%. Self-employed people have no employer plan for health, life or disability coverage.
- 24.2% of Miami adults aged 19 to 64 have no health insurance, well above the U.S. rate of 11.1% (the 3rd-highest uninsured rate for adults 19 to 64 of the 22 South U.S. communities on this site).
- 31.2% of Miami homes are owner-occupied (U.S.: 65.0%), and the median home value is $478,600, well above the U.S. median of $303,400.
- The median household income in Miami is $59,390, below the U.S. average of $78,538.
Miami and nearby communities
| Place | Self-employed | Median household income | Population |
|---|---|---|---|
| Miami | 15.8% | $59,390 | 449,514 |
| Houston | 11.8% | $62,894 | 2,306,009 |
| San Antonio | 8.8% | $62,322 | 1,465,608 |
| Dallas | 11.5% | $67,760 | 1,300,642 |
| U.S. | 9.8% | $78,538 | 334,914,895 |
Sources: U.S. Census Bureau, American Community Survey 2019–2023 5-year estimates.
How we help with key person insurance
- Business liquidity if a key contributor dies or, with riders, becomes disabled
- Supports lending conversations and continuity planning
- Section 162 executive bonus designs for retention conversations
- Company-paid premiums may be deductible as compensation in many structures
Rules that apply in Florida
- Business-owned life insurance usually needs coordination with your attorney and CPA, especially for buy-sell agreements and employer-owned policies.
- Employer-owned life insurance has federal notice-and-consent rules before the policy is issued.
- We are licensed for insurance and annuities only and do not give tax or legal advice.
Questions from Miami
Who owns and pays for a key person policy?
Typically the company pays premiums, owns the policy, and is the beneficiary. If the key employee dies, the company receives the death benefit under current tax rules for many designs.
Do I need to visit an office in Miami?
No. Olive works with Miami and Miami-Dade County households by phone or video, so you can compare options from home. Most applications and signatures can be completed online.
Talk with Olive about key person insurance.
Free, no obligation, by phone or video. Or call or text (937) 388-5346.