This is an insurance cover purchased by a company on the life of a key person within the organisation to protect the company against loss of profit or cost of replacing the key person in the event of demise. The aim is to compensate the business for losses and facilitate business continuity.
Who is a Key Man/Person?
A keyman can be anyone directly associated with the business whose demise can cause financial strain to the business; such person could be an employee, an owner, a director, a shareholder, etc
Benefits of Keyman Insurance
1. Guarantees ability to meet financial obligation
2. Replaces profit that ordinarily would have been lost
3. Provides funds for meeting the cost of replacing / training a successor
With this plan, you simply choose the amount of life cover you need and the length of time for which you need it. The choice is yours!
1. This is the simplest and most affordable form of life insurance.
2. This policy provides for the payment of the sum assured only if the life assured passes on within the specified period.
3. Term Insurance does not provide any surrender value.
4. Benefit is payable to the specified beneficiaries on the demise of the policyholder.