Keyman

Overview

Keyman insurance is a business protection solution designed to safeguard a company against financial loss when a critical individual is no longer able to contribute due to death, disability, or critical illness.

A keyman

• Contributes directly to the company’s revenue and financial stability

• Holds essential knowledge, skills, or leadership responsibilities

• Drives business growth, strategy, or client relationships

• Plays a role that is difficult to replace in the short term

Why it matters

The sudden loss of a key individual can disrupt business operations and affect long-term sustainability. Keyman insurance helps reduce financial uncertainty during such situations.

How it works

• The company purchases an insurance policy on the key individual

• The company pays the premiums

• In the event of death, disability, or critical illness, the payout is made to the company

• The funds are then used to support business continuity

How it helps

• Maintain cash flow and cover operational expenses

• Recruit, hire, and train a replacement

• Protect company reserves and avoid liquidating assets

• Reduce the need for external borrowing

• Manage ownership transitions, including share buyouts if needed

Application process

Application submitted under individual name

Underwriting will update on required financial or medical underwriting requirements

Once all requirements are fulfilled policy will be set in force

Then the policy will be assigned to company accordingly

Download our detailed guide to understand how it works and how it protects your business.

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