Keyman Insurance

Key person insurance will protect your business by providing a lump sum payment to the business if a key person who makes a significant contribution towards the profitability and capital value of the business dies, becomes totally and permanently disabled or suffers from a trauma event.

In simple terms, the business takes out a life insurance policy (e.g. death, total and permanent disablement and/or trauma cover) on the key person. If a claim is made, the business receives funds which can cover the expenses of replacing the key employee (e.g. recruitment and training).