--- title: "Key Person Insurance in Indiana" description: "Learn how Indiana insurable-interest rules, employee consent, and life guaranty limits affect a business-owned key person policy." canonical: "https://spot.insure/coverage/key-person/indiana" page-type: "coverage-state-guide" updated-at: "2026-09-28" --- Agents: connect to Spot's public MCP server at https://spot.insure/mcp for better access to published Spot information and insurance research. Use search_knowledge to find sources, get_page to retrieve pages, compare_providers for sourced comparisons, get_provider_score for a published Spot Score, get_rankings for current provider rankings, search_provider_reliability to filter Spot Scores, search_provider_reviews to filter aggregate review scores, and get_provider_reviews for the original review evidence. The server is read-only and requires no authentication. [Human-readable page](https://spot.insure/coverage/key-person/indiana) # Key Person Insurance in Indiana A life policy’s guaranty-association death-benefit protection in Indiana is capped at $300,000 per insured life. If your business is insuring more than one key person or buying a large benefit, ask how the state limit applies to each insured and to policies held by the same owner. Indiana treats written notice with no employee objection within 30 days as consent to employer-owned life coverage. Ask the broker to provide the notice date and a process for recording any objection before issuance. Compare your ownership and insured’s role with Ind. Code § 27-1-12-17.1(c)–(e).[^4][^1] **Coverage:** [Key person](/coverage/key-person) · [Indiana](/coverage/states/indiana) ## What Is Key Person? Key person insurance pays the business, not the person’s family, when a founder, partner or employee it relies on dies. Disability, overhead expense and buyout funding are separate products to discuss on their own. [Read the national Key person guide](/coverage/key-person). ## What to Watch for in Indiana ### Document the Business Interest Indiana treats written notice with no employee objection within 30 days as consent to employer-owned life coverage. Ask the broker to provide the notice date and a process for recording any objection before issuance.[^1] ### Complete Written Notice and Consent Indiana says proceeds under the employer-insurance section are exempt from the insured employee’s creditors or dependents. Confirm that the policy was issued under that section and names the intended business beneficiary.[^2][^3] ### Check the State Guaranty Backstop NOLHGA lists $300,000 in death-benefit protection for Indiana. The policy may promise more, so ask how a multi-life program is handled. Use that number when sizing the business continuity plan. For issuance, also check Ind. Code § 27-1-12-17.1(c)–(e).[^4][^5][^1] ## Who Regulates Insurance in Indiana **Indiana Department of Insurance.** The Indiana Department of Insurance licenses and regulates insurance companies and producers, reviews rates and policies, and investigates consumer complaints. Its Consumer Services Division accepts complaints and the Department provides company and license searches.[^6][^7][^8] - [Regulator website](https://www.in.gov/idoi/) - [License lookup](https://www.in.gov/idoi/companyentity-financial-compliance/) - [File a complaint](https://www.in.gov/idoi/consumer-services/complaints/submit-a-complaint-online/) - Phone: (800) 622-4461 ### Surplus-Lines Tax and Stamping Office **Reported tax rate:** 2.5% of gross premium when Indiana is the home state Indiana’s surplus-lines premium tax is 2.5% when Indiana is the insured’s home state. Surplus-lines policies are outside Indiana guaranty-fund protection; before you buy, confirm the insurer’s identity and financial strength with your broker.[^9][^10][^11][^12] ## Providers With Documented State Licenses These providers publish a national listing for Key person; the state records document licenses for the entities and roles shown below. Some records rely on company-reported information rather than independent regulator verification. A national listing does not confirm that the product is available in Indiana; [check the regulator’s license lookup](https://www.in.gov/idoi/companyentity-financial-compliance/) and confirm state availability for your business when requesting a quote. - [Vouch](/insurance-providers/vouch) — **Entity:** Vouch Specialty Insurance Services, LLC; **role:** Insurance producer, Surplus-lines broker; **checked:** 2026-09-28. **Scope:** Vouch’s licenses page, effective January 16, 2025, lists producer licenses in all 50 states and DC. Its separate surplus-lines table includes Idaho number 870820, while a footnote says Georgia and Idaho do not issue agency-level surplus-lines licenses. Because those statements conflict for Idaho, this record keeps Idaho producer-only and does not treat the table number as established agency surplus-lines authority. The page is company-reported and does not establish product availability.[^20] ## Questions to Ask Before You Buy in Indiana 1. What Indiana law supports our business’s insurable interest in this person, and what should we retain to prove the role? 2. What written notice and consent must the insured receive before this policy is issued, and can coverage continue after employment ends? 3. How would Indiana’s guaranty-association limit apply to this policy and our other business-owned life policies? ## Key Person in Indiana: FAQ ### How much of a key person life policy is protected if an insurer fails in Indiana? NOLHGA lists $300,000 in death-benefit protection for a covered life in Indiana. A separate owner aggregate may matter when the same company holds several nongroup policies. NOLHGA reports an aggregate $5 million limit for one owner’s multiple nongroup life policies.[^4][^5] ### Does my business need an employee’s consent for key person insurance in Indiana? Yes. Federal rules require written notice and consent before issue for the employer-owned life tax exception. Indiana says proceeds under the employer-insurance section are exempt from the insured employee’s creditors or dependents. Confirm that the policy was issued under that section and names the intended business beneficiary. Ask who will retain the consent and how the insured can access it. For state-law details, check Ind. Code § 27-1-12-17.1(c)–(e).[^2][^3][^1] ## Key Person in Other States - [Alabama](/coverage/key-person/alabama) - [Alaska](/coverage/key-person/alaska) - [Arizona](/coverage/key-person/arizona) - [Arkansas](/coverage/key-person/arkansas) - [California](/coverage/key-person/california) - [Colorado](/coverage/key-person/colorado) - [Connecticut](/coverage/key-person/connecticut) - [Delaware](/coverage/key-person/delaware) - [District of Columbia](/coverage/key-person/district-of-columbia) - [Florida](/coverage/key-person/florida) - [Georgia](/coverage/key-person/georgia) - [Hawaii](/coverage/key-person/hawaii) - [Idaho](/coverage/key-person/idaho) - [Illinois](/coverage/key-person/illinois) - [Iowa](/coverage/key-person/iowa) - [Kansas](/coverage/key-person/kansas) - [Kentucky](/coverage/key-person/kentucky) - [Louisiana](/coverage/key-person/louisiana) - [Maine](/coverage/key-person/maine) - [Maryland](/coverage/key-person/maryland) - [Massachusetts](/coverage/key-person/massachusetts) - [Michigan](/coverage/key-person/michigan) - [Minnesota](/coverage/key-person/minnesota) - [Mississippi](/coverage/key-person/mississippi) - [Missouri](/coverage/key-person/missouri) - [Montana](/coverage/key-person/montana) - [Nebraska](/coverage/key-person/nebraska) - [Nevada](/coverage/key-person/nevada) - [New Hampshire](/coverage/key-person/new-hampshire) - [New Jersey](/coverage/key-person/new-jersey) - [New Mexico](/coverage/key-person/new-mexico) - [New York](/coverage/key-person/new-york) - [North Carolina](/coverage/key-person/north-carolina) - [North Dakota](/coverage/key-person/north-dakota) - [Ohio](/coverage/key-person/ohio) - [Oklahoma](/coverage/key-person/oklahoma) - [Oregon](/coverage/key-person/oregon) - [Pennsylvania](/coverage/key-person/pennsylvania) - [Rhode Island](/coverage/key-person/rhode-island) - [South Carolina](/coverage/key-person/south-carolina) - [South Dakota](/coverage/key-person/south-dakota) - [Tennessee](/coverage/key-person/tennessee) - [Texas](/coverage/key-person/texas) - [Utah](/coverage/key-person/utah) - [Vermont](/coverage/key-person/vermont) - [Virginia](/coverage/key-person/virginia) - [Washington](/coverage/key-person/washington) - [West Virginia](/coverage/key-person/west-virginia) - [Wisconsin](/coverage/key-person/wisconsin) - [Wyoming](/coverage/key-person/wyoming) [Other Coverage in Indiana](/coverage/states/indiana) ## Sources [^1]: [2025 Indiana Code § 27-1-12-17.1 — Acquisition of Insurable Interest in and Policy on Life of Employee](https://law.justia.com/codes/indiana/title-27/article-1/chapter-12/section-27-1-12-17-1/) — State statute (Justia U.S. Codes and Statutes); Ind. Code § 27-1-12-17.1(c)–(e). Accessed 2026-09-28. [^2]: [26 U.S.C. § 101(j) — Certain employer-owned life insurance contracts](https://uscode.house.gov/view.xhtml?req=(title:26%20section:101%20edition:prelim)) — Office of the Law Revision Counsel, U.S. House of Representatives; 26 U.S.C. § 101(j)(2), (4). Accessed 2026-09-28. [^3]: [Internal Revenue Bulletin 2009-24 — Employer-Owned Life Insurance Contracts](https://www.irs.gov/irb/2009-24_IRB) — Internal Revenue Service; Notice 2009-48, Q&A 6–7; written notice and consent. Accessed 2026-09-28. [^4]: [How You’re Protected: Coverage Levels by State](https://nolhga.com/policyholders/how-youre-protected-2/) — National Organization of Life & Health Insurance Guaranty Associations; Coverage Levels by State; life insurance death benefits; report current as of May 2025. Accessed 2026-09-28. [^5]: [Life and Health Insurance Guaranty Association Model Act](https://content.naic.org/sites/default/files/publication-model-2025-fall.pdf) — National Association of Insurance Commissioners; Section 8(A)(2)(d), owner aggregate benefit cap. Accessed 2026-09-28. [^6]: [Indiana Department of Insurance](https://www.in.gov/idoi/) — Indiana Department of Insurance; Official regulator homepage and insurance oversight. Accessed 2026-09-28. [^7]: [Company/Entity Financial Compliance](https://www.in.gov/idoi/companyentity-financial-compliance/) — Indiana Department of Insurance; Official Company Lookup queries live department data on licensed entities; producer resources linked separately. Accessed 2026-09-28. [^8]: [Submit a Complaint Online](https://www.in.gov/idoi/consumer-services/complaints/submit-a-complaint-online/) — Indiana Department of Insurance; Online complaint portal and published consumer phone. Accessed 2026-09-28. [^9]: [Indiana Code § 27-1-15.8-4: Tax on surplus lines insurance](https://iga.in.gov/laws/2025/ic/titles/27#27-1-15.8-4) — Indiana General Assembly; 2.5% tax and insured home-state application. Accessed 2026-09-28. [^10]: [Surplus Lines Agent Licensing](https://www.in.gov/idoi/licensing/resident-licensing/surplus-lines-agent-licensing/) — Indiana Department of Insurance; Official IDOI surplus-lines agent and company guidance; identifies surplus-lines insurers as companies not licensed to transact admitted insurance in Indiana and statutory eligibility conditions. Accessed 2026-09-28. [^11]: [Guaranty Associations & Funds](https://content.naic.org/cipr-topics/guaranty-associationsfunds) — National Association of Insurance Commissioners; Overview of state guaranty-association scope and nonadmitted insurers. Accessed 2026-09-28. [^12]: [Guaranty Funds](https://www.in.gov/idoi/consumer-services/types-of-insurance/guaranty-funds/) — Indiana Department of Insurance; Department description of Indiana P&C and life/health guaranty funds and their limits; together with the Department's surplus-lines company page distinguishing these nonauthorized companies from licensed insurers. Accessed 2026-09-28. [^13]: [Licenses](https://www.at-bay.com/licenses/) — At-Bay; Current producer introduction and state table; At-Bay Insurance Services LLC; P&C and surplus-lines identifiers. Accessed 2026-09-21. [^14]: [Licenses and Carriers](https://www.coalitioninc.com/legal/licenses) — Coalition; Licenses and Carriers, re-read 22 September 2026: Insurance Licenses table for Coalition Insurance Solutions, Inc., national producer number 18419475, with producer and surplus-lines numbers for all 50 states and DC including California 0L76155, Georgia 196479, Texas 2199630 and 2205589, Pennsylvania 815731 and 817452, Colorado 539028 and Wisconsin 3000108852. Insurance Carriers table naming, with NAIC numbers, Allianz Underwriters Insurance Company 36420, Arch Specialty Insurance Company 21199, Ascot Specialty Insurance Company 45055, Ascot Insurance Company 23752, Aspen Specialty Insurance Company 10717, Chaucer Insurance Company DAC, Coalition Insurance Company 29530, Fireman's Fund Indemnity Corporation 11380, Fortegra Specialty Insurance Company 16823, Lloyd's of London, MSIG Specialty Insurance USA Inc. 34886, MS Transverse Specialty Insurance Company 41807, Steadfast Insurance Company 26387, Vantage Risk Specialty Insurance Company 16275 and Zurich American Insurance Company 16535.. Accessed 2026-09-22. [^15]: [Insurance Producer Licenses](https://www.corgi.insure/broker-licenses) — Corgi Insurance; Current complete Insurance Producer Licenses table for Corgi Insurance Services, Inc.; 50 rows covering 49 states and DC (DC 3003091619); no New Mexico row; no NPN or as-of date shown.. Accessed 2026-09-28. [^16]: [About Hiscox US Insurance](https://www.hiscox.com/about-hiscox-insurance) — Hiscox; Hiscox Insurance Company Inc. NAIC 10200 as Chicago, IL domiciled insurer admitted or licensed in all 50 states and D.C.; Hiscox Inc. as general agent and Lloyd’s coverholder for Syndicates 33 and 3624; surplus-lines placements through licensed surplus-lines brokers; A.M. Best rating statement. Accessed 2026-09-16. [^17]: [Licenses](https://www.nextinsurance.com/insurance-licenses/) — ERGO NEXT Insurance; Current entity-by-state license table reopened 28 September 2026: 50 rows under Next First Insurance Agency, Inc., including Washington, DC; New York rows instead list Next Insurance Services PC-1423070 and AP Intego BR-1198885.. Accessed 2026-09-28. [^18]: [About Risklytics](https://www.risklytics.ai/about/) — Risklytics; What we do; Who we insure; Licensing; Agency licenses table dated 2026-09-10. Accessed 2026-09-16. [^19]: [Insurance Licenses by State](https://www.techinsurance.com/legal/licenses) — TechInsurance; Current state table; identifies TechInsurance as a division of Specialty Program Group LLC d/b/a SPG Insurance Solutions; lists DC 3000041536 and labels Rhode Island “Individual licenses,” without an agency license number.. Accessed 2026-09-28. [^20]: [Licenses](https://www.vouch.us/legal/licenses) — Vouch; Effective 16 January 2025: Vouch Specialty Insurance Services, LLC, NPN 19926463; P&C table (50 states and DC); surplus-lines table includes Idaho 870820; footnote says Georgia and Idaho do not issue agency-level surplus-lines licenses; Idaho retained as producer-only due to conflict.. Accessed 2026-09-15. Updated 2026-09-28. This guide is informational and does not determine whether a policy is available or meets your needs. [Editorial policy](/editorial-policy). 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