Key Person Insurance
Key Person Insurance
Secure Your Business’s Key Asset
Key man insurance, also called key person protection, provides essential financial security to a business by covering losses that may arise if a vital individual within the company passes away or becomes critically ill. This term insurance offers a cash lump sum, ensuring the business can maintain operations or cover recruitment costs during a challenging transition.
By protecting your business against the unexpected loss of essential personnel, key man insurance helps you safeguard continuity and stability, even in difficult times.
What Does It Cover?
- Policy Setup
The business establishes coverage on the key employee, choosing options for life or life with critical illness insurance.
- Premium Payment
The company funds the premiums and is designated as the beneficiary of the policy.
- Payout Upon Claim
If the key person passes away or is diagnosed with a critical illness during the term, the business receives the insured payout amount.