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.
Our keyman policy is ideal for:
- Directors of a Company
- Key Sales People
- Key Project Managers
- People with Specific Skills