Keyman Insurance

Our Keyman Insurance is a Term Life Insurance cover affected by the company to compensate for the financial loss suffered following the death or permanent Total Disability of a Key Member or Staff of the Organization. 


Purpose of Keyman Cover:

  • To provide a financial cushion to the company for:
  • The loss of customers or sales affected by the keyman’s ability and personality.
  • The loss of day-to-day specialized skills.
  • The cost of recruiting and training a suitable replacement.
  • Delay or cancellation of any business project that the keyman is working in.
  • The loss of opportunity to expand in the future.
  • The loss of stable management and good labour relations.
  • Reduction of credit worthiness - recall of loans guaranteed by the keyman.

 

Who can be a Keyman?

Anybody with specialized skills, whose loss can cause a financial strain to the company are eligible for Keyman Insurance. For example, they could be:

  • Directors of your Company
  • Key Sales People in your company
  • Key Project Managers in your company
  • People with Specific Skills in your company

 

Benefits to the Company

  • Insulate the risk of financial loss against loss of a Keyman/Key person.
  • The Premiums paid under keyman insurance are fully allowed as Business Expenses. 
  • The Interest on loans taken against a keyman insurance policy may also be allowed as business expenses.
  • The Keyman Insurance policy is a positive measure to improve the retention of the keyman in the company.

 

Target Group

Our keyman policy is ideal for:

  • Directors of a Company
  • Key Sales People
  • Key Project Managers
  • People with Specific Skills

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