Life Insurance

Life Insurance is the most basic form of insurance. It covers you in the event of death. It pays out a fixed cash lump sum to your family, to help them cope with the financial stress caused after your death.

Who Needs It?

Almost everyone should have some form of life insurance. It is particularly important for anyone with a family or anyone with outstanding obligations such as mortgages or debts.

 

Key Man Insurance

Key man insurance is a sub-type of life insurance that is aimed at the business world, where one person's skills and abilities can make an enormous financial difference. If a large portion of your business hinges on a few key people, you should give some thought to key man insurance.

Who Needs It?

Key man insurance is meant to cover the company's losses in the event of the death of a key employee. That employee may be a particularly capable sales person, a manager, or the company owner. The underlying assumption is that the company will suffer greatly should that person pass away.

What Is It?

Key man insurance is a term life policy, with the term length being the time until that employee retires. The company pays the premiums of the policy and receives the death benefits if the employee unexpectedly dies. If the employee retires, the company may choose to also surrender the insurance contract, giving the employee the chance to convert the policy to a permanent one.

How Much Cover?

Losing a key employee can harm your business in various ways. Your key man insurance policy must provide enough coverage to account for all costs associated with such a loss. This loss is expressed not just in immediate loss of profits or revenue; the company must also bear the costs of hiring temporary replacement staff, of conducting the search for a suitable replacement, and the new employee's training.

It is vital for your company's financial health that you select the best insurance policy for your specific case. The above description is meant as a brief outline only, and does not reflect the full complexity of selecting the best insurance policy. If you wish to receive additional information, please email us and request a key man insurance quote.

 

Income Protection Insurance

Income Protection insurance provides an income stream should you become unable to work due to an injury or sickness. Benefits are paid monthly, not as a lump sum. The amount of cover is normally restricted to 75% of your gross salary.

Who Needs It?

Anyone who works needs some form of income protection. While many employers will pay salaries to employees in the event of illness, this type of cover will eventually expire. Income protection insurance offers you a way to protect this income for a longer period of time.