Key Man Insurance Benefit
A Key man person insurance policy provides a cash lump sum or a one off large payment
that is made available in the event of a long-term illness or the death of a nominated key person. The idea of the cash lump sum is to provide financial protection to the business due to the loss of the key person for a long period of time.The Key man insurance benefit helps to stabilize the business financially. There are generally three categories of loss for which Key Man Insurance Policy can provide compensation:
Protect losses related to long period, when a key person is unable to work; to provide Temporary staff; and, if necessary to finance the recruitment and training of a replacement of the lost individual.
Protect anyone involved in guaranteeing business loans or banking facilities. The value of insurance cover is arranged to equal the value of the guarantee given by the key person to
the banks or lending companies.
Protect profits such as losses resulting from the delay or cancellation of any business project that the key person was involved in; or loss of opportunity to follow expansion plans, loss of technical skills or knowledge.
The Key man Insurance Uk premiums are generally based on the employees salary, age, height, weight, health history, and medical exam results. The insurance companies generally do not refuse coverage in this type of insurance cover. You are requested to seek the Key man insurance advise as soon as possible in order to avail the best suited key man life insurance policy for your company.
The Key man insurance advantage could be categorized as below:
To Protect Profit - The loss of a key person can often have a negative effect on the profitability of a company. Sales may be lost as this person had the key relations with the clients, or sales may fall dramatically as this person was the new business development person. This policy can be used to cover the loss of anticipated profits from the prolonged absence of the key person.
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