Key Person Quote
What is Key Man / Key Person Insurance?
'Key Man' or 'Key Person' insurance is designed to protect a company from the loss of a key man or key person within the organisation. This is used by both the largest companies in the country and small partnerships alike.
How do I find out more?
If you want to know more about key man or key person insurance please either submit your personal details below or request to be called.
What is key man or key person insurance designed to do?
For large organisations key man or key person insurance is designed to assist to overcome the loss of a key man or key person. When a company loses a key man or key person often profitability can be affected, and therefore insurance helps cover this loss.
For smaller companies with partners, key man or key person insurance is designed to protect each partner. If a partner of a firm dies, usually the other partner or partners need to purchase the shares of the business from the deceased family. Having key man or key person insurance permits this to be easily facilitated with correct buy-sell agreements in place.
How Much Cover should be established for key man or key person insurance?
This is entirely dependent on the size of the business and the key man or key person that is to be insured. It could range from $500,000 up to $10m of cover.
What else should small business partners examine?
Most business partners will make it a binding requirement that partners have income protection insurance. This means that in the event that one partner is unable to work for an extended period they will not be drawing a salary from the business and affecting overall performance. The partners pay the premiums for income protection, which in turn, provides their income if they are unable to work due to sickness or injury.
Lifebroker advises you to take some time to read our Key Fact Document before requesting quotes from the website. In doing so, you will have more understanding of what service Lifebroker offers to the market.
Please be advised that the insurance premiums are based upon what insurance companies class as ‘standard terms’, meaning that an applicant has a normal height / weight ratio, is a non smoker and does not possess any adverse health conditions that may affect their premiums.
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