Keyman Life Insurance | Online guide to Keyman Life Insurance

Keyman Life Insurance

Many people are aware of the importance critical illness and life insurance has in providing protection for their loved ones in the event of a critical illness or even death, but the importance of certain key people within a business is often overlooked.

With any business, there are always key people who help and assist in driving the business forward. Those people who really stand out and shine in the role they do. These key people are often difficult to replace instantly and without them the business may even suffer a financial impact. These people maybe Directors, Managers, Key sales people etc.

Consider the impact a key person would have on your business if they were unable to work due to a serious illness, accident or death - how detrimental would this be to your business? This is exactly what Keyman Insurance is designed to assist with.

How would your business cope if your key sales person was no longer able to work due to a serious illness?

Keyman Insurance, also known as Key Person or Key Employee Insurance, is designed to help businesses continue in the event of a loosing a key person. It provides a lump sum which maybe used to provide training required in order replace the skills of the key person. The funds may also be used to simply provide a consistent cash flow for the business and help see it through the initially difficult transitional period.

As with personal life insurance, the policy names a beneficiary, in this case the beneficiary is the business.