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What is Business-Specific life Insurance?

Insurance policies that can compensate a company for the financial loss and other consequences of death or illness of an important member of the business. They come in a number options depending on the needs of the business.

Keyman Insurance is designed for a business that needs to protect against the financial impact of losing a key employee or executive of the business. Providing a financial lump sum that is essential to the profitability of the business and has a key role that cannot easily be replaced.

Co-director Insurance provides compensation to shareholders of a company if one of Shareholders/directors dies. A lump sum payment enables the surviving Shareholders to buy the deceased person's shares from their next-of-kin.

Partnership Insurance is similar to Co-director, if one partner dies a lump sum will be released, allowing the deceased person's share in the partnership to be bought from their next-of-kin.

Benefits of Business-Specific Life Insurance

Protection

If a key employees/director dies, a cash sum is paid to help maintain the business.

Continuity

Minimise interruption to business activity in the event of a loss.

Financial Assistance

Help with bank loans that involved the key person/directors.

Staffing

Provide financial resources to find a suitable replacement for the employee or director.

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