Key Man Insurance
Key Man Insurance is a means of protecting your business against the financial loss of any key person, partner, executive or employee who is absolutely key to your business success. The loss of a key person could result from a serious injury, permanent disability or even death. To manage this risk, your business may choose to consider Key Person cover on the lives of your key people.
This cover can be in the form of a life insurance policy, which can include additional cover for trauma and total and permanent disability. As a result, of having this comprehensive insurance on the life of key persons, your business is covered should a key person suffer an insured event resulting in the loss of the key person from the business. The beneficiary for the key person insurance is generally the business that purchases the insurance and may include an agreement as to the distribution of the insurance proceeds.
Advised Life (in conjunction with our legal advisers Andreyev Lawyers) can assist business owners in structuring a Key Man Insurance Solution.