Protecting a company’s assets is extremely important, but insuring the people and skills that make the company work is even more important. The human assets of a company are often overlooked but they are just as vital as the material ones and their loss could significantly affect the profitability, stability and progress of the company.
When a key person passes away or is critically ill or disabled, there will be a loss of income to business. Disruptive & monetary consequences of losing a Key Person through death or serious illness could have a huge impact on the business.
The need for insuring key people is vitally important in small to medium sized companies. It is thus insuring the company against the financial loss that would be suffered if something happened to the key person.
If a key person, partner or director becomes critically ill or disabled and is unable to carry on contributing to the profits of the business, the business can afford to pay the sick partner/director a salary, or buy them out of the business if required without affecting the business.
What Are The Benefits Of Keyman Business Protection?
Sum insured can be altered at any time
Benefits can be added or reduced
Freedom to choose premium payment frequency
Indexation can be added to the plan to offset the effects of inflation
Portability of the plan enables the life insured to take on the plan If they decide to leave the business
Choice of payment currency
Other Life Insurance Products
Whole Of Life
Provides a guaranteed sum assured payable on the life assured’s passing with an investment element, which builds up a cash value as well.