Some businesses are operated primarily by one person or by a small team of executives whose expertise are the lifeline of the business. The premature death of a key person could signal the premature death of the business.
Business owners insure their factories, machinery, company vehicles, etc. to mitigate the risk of loss to business in case of loss/damage to these properties.
However they often forget to insure their key human resources. With our Keyman life insurance policy, your business can increase the chances of survival if it were to lose a key member of the organization.
What is Keyman assurance?
It is a term policy which guarantees the life of a Key-person against business loans or banking facilities taken for the purposes of;
- Starting a business
- Business expansion
It is also a policy designed to protect sole proprietor or owner of an enterprise against loans granted to the enterprise.
What does the policy cover?
Cover is provided in two main options:
- Death only
- Death and/or permanent total disability
Why do we need a Keyman cover?
It provides a financial cushion to the Company for:
- delay or cancellation of any business project that the keyman is working on
- the loss of opportunity to expand in the future
- reduction of credit worthiness/recall of loans guaranteed by the keyman.
How beneficial is the policy to my / your business?
- The policy insulates the risk of financial loss of a key person
- it is a positive measure to improve the retention of the keyman in the company
For further information, contact accredited sales representatives, any SIC LIFE Office near you or the offices listed on this site.