Key Man/Buy Sell Agreements Key Man Insurance Policies are acquired on executives and key employees. The company acquires these policies incase these people pass away and leave the business suddenly in need of finding an excellent replacement to continue the progress of the company.Buy & Sell Agreements are legally binding agreements between co-owners of a business. These agreements are typically funded by life insurance and is sometimes seen as a "business will." This supports the business should something tragic happen to one or both of the owners leaving the business to continue on. Have a Question? Name Email Phone Question Thank you! Oops!