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
‘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.
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.
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.
The Insurance proceeds are typically used for the following;