Keyman Insurance in UAE

If your Business depends on one or more key individuals to sustain, grow and excel then you must consider having a Keyman Insurance in place to mitigate business continuity risks

Keyman-Insurance-Dubai-1

What is Keyman insurance?

It is a life insurance availed by the firm on the life of the Key Person/Partner/Director of a Business.
 
The firm is the owner of the plan, it 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. 
 
Leading insurance companies like Zurich, MetLife, Friends Provident International Salama, & LIC International provide a wide range of Key Man Insurance plans in UAE.
 
They also provide a wide range of riders like Critical Illness Benefit, Disability Cover, Dismemberment benefit as well.
 

 

Arrange a Free Consultation by filling the beside.
 

‘Men and women, not machines, are the real source of profits in any business. Take away my factories, my plants, take away my railroad, my ships, my transportation, take away my money, strip me of all these – but leave me my men and women and in two or three years, I will have them all again.

Andrew Carnegie

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.

What is the typical term of cover of Keyman Insurance policy?

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.

What is the use of Keyman Insurance?

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 cash flows
  • 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.

Click Here to Schedule an Online Meeting

Free Online Consultation

Why Consult with us?

0

Years Experience

0

Happy Clients and Counting

Download the Visual Guide to Keyman Insurance

A Visual Guide to Keyman Insurance in Dubai

 

You may be interested

14 April, 2021
author Damodhar Mata
topic Retirement Planning
The ultimate early retirement - F.I.R.E guide for expats in the UAE

The premise of achieving early retirement by following the “Financial Independence, Retire Early” (F.I.R.E) methodology is fairly straightforward. You save aggressively when you’re young, with the aim of retiring by your 30s, 40s or 50s.

Read more
7 April, 2021
author Damodhar Mata
topic Investments
5 Good Long-term Investment Ideas in 2021 for Building Wealth In UAE

 

Are you unsure about investing at this point as market valuations are high, and you foresee a correction in the near future?

You may be right!.

Read more
6 April, 2021
author Damodhar Mata
topic Budgeting
Simple Tips For Budgeting, Shopping And Saving During Ramadan 2021

While the holy month of Ramadan is associated with fasting, prayer, giving and connecting with family and friends, it is also associated with a significant increase in shopping and festivities.

Read more

Subscribe today

For weekly special offers and new updates!