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| Home | Glossary | Contact Us | 08/09/2010 12:19:06 AM (GMT+08:00) |
Keyperson Insurance |
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Very often, a company's survival hinges on crucial employees known as key people. Without them, the ability of the company to succeed will be compromised. How do you protect your company from the consequences caused by the loss of your key people?What is a Keyperson Insurance plan? As the
name implies, a Keyperson Insurance plan is designed to financially protect a
company against the loss of its key employees. These employees could be
partners of the company or could possess managerial, technical or sales skills
that affect profitability.Should the said employees meet with death or disability, the company will receive the proceeds of the plan. It can then use the money to overcome the financial loss arising from the situation. For instance, the company could start searching for or training a replacement. In a partnership, should misfortune befall partner A, the money can be used by the remaining partner/s to buy over partner A's share. This ensures continuity of the business. Premiums for this type of plan depend on factors such as the age and gender of the life assured, his/her health condition, the sum assured, etc. Uses of Keyperson Insurance plansKeyperson Insurance plans are useful in meeting the following needs:
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