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