It’s a fact worth mentioning that all employees are valuable assets to a corporation and they each make a significant contribution to the wellbeing of the company, however, we cannot deny that there are always key personnel that are an integral part of the corporal pyramid and their absence will affect both the functioning of the company and even its finances.
Business protection insurance is a specially designed insurance that will help financially support your business in case the business owner or any other key functioning employee of the company is dead, diagnosed with a critical illness that forbids him from working effectively or is unable to work due to any other illness or injury.
The insurance is mainly employed to protect business partners, important shareholders, and key tradesperson. The insurance can also secure more than one person at a time.
There are mainly four different types of business protection insurance. They are:
- Key person insurance
- Business loan insurance
- Shareholder protection insurance
- Relevant life insurance
Key Person Insurance
Keyman insurance (also known as key person insurance or key person protection) is a form of business protection insurance that is purchased by business corporations to secure their businesses from financial loss that the company might suffer from if any of their key personnel dies or is diagnosed with a lie threatening medical condition.
In this type of insurance policy, the payout from the insurance is paid to the business partner of the corporation (if any) or any other person who holds a senior position in the hierarchy of control of the company.
This type of insurance policy can either be availed as a term life insurance policy or as a critical illness cover or can be only applied for by a corporate establishment to protect its key people.
The insurance is applied for by the corporation, is paid for by the corporation and the money is again paid back to the corporation.
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
Call 011-3733-4610 – Monday to Thursday from 11.00 to 19.00 and on Friday between 11.00 and 16.00