Keyman Insurance
Keyman Insurance
The Key People are assets of any organization. Their untimely death can create an irrecoverable loss to the business. Keyman or key person insurance is a specialized life insurance that a company can purchase to insure a Key person's life. The Death claim amount received can help the organization to get back to the track. The organization pays the premium and is also the beneficiary of the policy.
- It ensures business continuity and reduces disruption in the event of your key person's demise or sudden absence
- The premium paid can be considered as a business expense under the Income Tax Act
- It covers the financial losses resulting from the absence of the key person
Keyman Insurance for Businesses
The size and nature of the organization and the key person's responsibilities determine how much insurance a company requires. In addition, the coverage cost also depends on the key person's health, age, gender, type of policy, and the industry the business belongs to.
If you need clarification on the value of your keyman insurance coverage, it's best to seek advice from an experienced insurance advisor.
Features of Keyman Insurance Policy:
- The company pays the premiums
- The key employees’ lives are insured for a fixed amount
- The policy’s beneficiary is the company
How to choose the Right Keymen Insurance Advisor
When choosing a keymen insurance advisor, make sure he/she has an ideal blend of the following criteria:
Nesting Wealth, with its rich experience in the insurance sector, guides its clients in selecting the right keymen insurance with adequate coverage and an affordable premium. We offer suitable solutions that are tailored to meet your business’s unique requirements.
