Every business has some key personalities who contribute significantly to the running and growth of the company. This means that they have a special skill set or substantial responsibilities that are critical to the continued profitability of the company especially when there will be some financial losses arising from their demise or disability.
WHAT IS KEYMAN PLAN
This insurance policy insures the life of a key person/personality for a monetary value ensuring that his/her company is adequately compensated in the event of the following:
- Total and permanent disability resulting from injury or illness
- The term of the policy ranges between one year and ten years and it is annual renewable
- Premium is paid on an annual basis
- The Policyholder is the company or employer and is also the beneficiary of the policy