KeyMan Insurance

Protecting Business Continuity

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KeyMan Insurance

KeyMan insurance is an insurance availed by the firm on the life of the Key Person/Partner/Director of a Business. The firm pays the premiums and is also the beneficiary of the policy.
 
This policy ensures business continuity by providing a cash lump-sum in the event of death, disability or critical illness to the Key Person/Partner/Owner of the business.
 
A Keyman Insurance is also used to buy out the shares of the deceased partner, allowing the surviving partner(s) continue the business. 
 
Arrange a Free Consultation or Read the following blog posts to know more about KeyMan Insurance;
  1. How to protect Business Continuity using KeyMan Insurance?
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Insurance

Frequently Asked Questions

We hope this FAQ can help provide some answers here to address the specific questions

Is Keyman Insurance expensive?

KeyMan Insurance is very affordable, typically the annual premium is much less than 1.00% of the cover amount. Depending on the age, lifestyle and health condition of the insured, it can be higher or lower as well.

 

How long does a keyMan Insurance last for?

The term of the policy depends on various factors like the age of the key person/Partners and the personal choice of the stakeholders of the company.

It can be availed for a term between 5 years and Whole life of the insured.

How can the Insurance be used in the event of claim?

The Insurance proceeds are typically used for the following;

  • Pay off the liabilities of the firm to banks, suppliers and other debtors to ensure adequate liquidity in the business
  • To buy out the shares of the deceased partner without affecting the business cashflows
  • To mitigate the loss of revenue/profits due to the Death or Critical illness to a Key person or Partner.

How long does it take for payout in the event of a claim?

It usually takes 1 - 6 weeks working weeks after submission of the claims form and the relevant documents to process and payout a claim.

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Damodhar Mata - Financial Planner in Dubai

I am here to answer any questions you may have about your investments, insurance or your financial plan. Reach out to me and I'll respond as soon as I can.

+97150-2285405

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