Key Man insurance
What is Key Man Insurance?
It is a type of Insurance which pays a cash benefit in the event that a specified
person suffers accident or illness, permanent loss of limb, sight or hearing
or accidental death.
In addition the policy pays income protection for a weekly amount agreed
with you.
What is not covered?
The Insurance will not pay where the claim arises form certain circumstances including;
- Any injury, sickness or medical condition existing prior to arranging cover
- Specified sports, including boxing, caving, martial arts, parachuting, motor racing, flying as a pilot etc.
- Abuse of alcohol, solvents, non prescribed drugs
- Suicide or attempted suicide
When is Key Man Insurance used?
It is normally used to protect a business against the loss of an important member of staff such as Principal or Managing Director. Whether the key person is absent from work for only a short time or for a longer period the business will suffer financial loss. If the absence is only for a short while the policy will pay the business an amount towards loss of revenue. If, however, the absence is long term it will probably be necessary to employ someone to run the business until the key member to staff recovers. This can be very costly to the business in the absence of insurance cover.
BJIC Ltd can arrange Key Man Insurance at preferential terms. The cover is under two policies in order to obtain the most cost effective way of securing low premiums.
Policy One
The policy will cover the accident, illness and income protection risks
Policy Two
This policy will provide 5 year Term Life cover at the same premium as
for one year cover.