This Policy is issued to cover an Individual who is a Key Man, Key Women, Key person ,Key Employee or Key Executive to protect the businesss interest of an Organisation from financial hardship due to an unexpected death or extended incapacity of the Key person.
These types of employees are often considered to be:
- An employee whose sudden death would have a major impact on the survival or continuity of operations of the business.
- An employee who possesses skills or holds a position that is hard to find a replacement.
The proceeds received from the life insurance policy are used not only to help keep the business operating with day to day operations, but also to help aid in replacing a key asset of the company.
Who are the Eligeble key person?
Your key person could be any of the following company positions:
- You, the owner or co-owner
- Founder and co-founder
- Partners
- Vice president
- General manager
- Top salesman
- Employees in vital key positions
Should the sudden death or incapacity of a key person arise, this policy can cover the following expenses:
There are four categories of loss for which key person insurance can provide compensation:
- Losses related to the extended period when a key person is unable to work, to provide temporary personnel and, if necessary to finance the recruitment and training of a replacement.
- Insurance to protect profits. For example, offsetting lost income from lost sales, losses resulting from the delay or cancellation of any business project that the key person was involved in, loss of opportunity to expand, loss of specialised skills or knowledge.
- Insurance to protect shareholders or partnership interests. Typically this is insurance to enable shareholdings or partnership interests to be purchased by existing shareholders or partners.
- Insurance for anyone involved in guaranteeing business loans or banking facilities. The value of insurance coverage is arranged to equal the value of the guarantee
This not only helps your business weather the change, but it takes an extraordinary burden off your family during a difficult time.
For detailed coverage - Send us a request for policy wordings.
DISCLAIMER
The above is a brief information of the covers available under the Policy. Please request for a copy of the Insurer's Terms and conditions of the policy which shall be binding and considered as final basis for settlement of any dispute