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Key persons insurance

Life insurance for your business

Key person insurance enables business owners to allow for compensation for financial losses that may arise from the event of death or long term incapacity of a key person(s) to the business. It is important to realise that this type of policy is not open ended, that is to say, it does not cover the actual financial loss endured by the business from such events but instead compansates the business with a fixed amount stipulated in the policy (the sum assured).

Generally a key persons insurance policy can provide compansation for three categories of loss,

  • Protect losses incurred from an extended period of time a key person is unable to work.

    The sum assured could be ear marked for cost of temporary personnel and eventual recruitment.

  • Protect profits that would have arised from the resulting lost sales

    The sum assured could be ear marked for compansating for loss of business due to project cancellation that would arise from the loss of the key persons involvment, loss of opportunity to expand and loss of specialised skills or knowledge held by the key person.

  • Protect any financial guarantee extended by the key person
  • The sum assured could be made equal to the amount guaranteed by the key person.

Key persons are such individuals such as Directors of the company, business partners, key sales and contract staff and any other individual with a particular skill essential for the continuity of the business.