Keyman Insurance
Keyman Insurance Policy is a level term assurance plan that provides for the payment of a lump sum on death during the term of the policy.
The policy protects a business from financial loss in the event of the death of the keyman for the business. A Keyman could be the business owner or a key employee with skills, expertise or leadership that is crucial for the sustainability of the business.
Major Benefits
The policy provides the following benefits to support the stability and continuity of the business:
- Pays off outstanding business debts and loans obtained during the lifetime of the business owner.
- Pays for the costs of recruiting and training a suitable person to replace the key employee and continue running the business.
- Provides a financial safety net for the business on the death of the business owner.
Terms and Conditions
- The Policy has a waiting period of six (6) months which is not applicable on death resulting from an accident.
- The Policy will lapse if a premium is not paid within the grace period of one calendar month. However, the Policy can be reinstated within six months from the date of lapse, subject to terms and conditions.
- The current minimum cover for the Policy is US$10,000 or such amount as may be determined by the Company from time to time.
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