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Key Man
Specialised type of Life Insurance policy
What is
Key Man insurance ?
Key Man insurance, also known as key person insurance or key employee insurance, is a specialised type of life insurance policy designed to protect a business from the financial impact of losing a crucial employee, typically someone with specialised skills, knowledge, or expertise that contributes significantly to the company's success.
Benefits of
Key Man Insurance
Financial Protection
Key Man insurance provides financial protection for the business in the event of the key employee's death or permanent disability. The payout from the policy can be used to cover lost profits, recruit and train a replacement, or pay off outstanding debts, allowing the business to continue operations with minimal disruption.
Business Continuity
Losing a key employee can disrupt business operations and affect the company's growth trajectory. Key Man insurance ensures the business has the necessary funds to maintain operations, fulfil contractual obligations, and stabilise during a challenging transition period.
Attract and Retain Talent
A Key Man insurance policy demonstrates the company's commitment to its employees and their importance to the organisation. This can help the business attract and retain top talent, as well as improve overall employee morale and satisfaction.
Loan Collateral
Organisations may require a Key Man insurance policy as collateral for business loans. Having this insurance in place can increase the likelihood of securing financing for business growth and expansion.
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