Keyperson Insurance | Keyman Insurance
The term ‘Keyman’ or ‘Keyperson’ Insurance can cause confusion, with most people thinking it is a specific insurance product; however Keyman Insurance is simply an insurance policy that is used for business purposes. The products used for Keyman Insurance are the standard Term Life Insurance, TPD Insurance and Trauma Insurance.
Keyman Insurance policies still provide a benefit payout for death, terminal illness, disablement and critical illnesses, however they are structured to cover a specific business succession risk, for example the death of a partner, or the disablement of a director who holds personal guarantees for the business.
The broad term Keyman Insurance encompasses several purposes for insurance depending on the need on the specific needs of a business.
Some main types of Keyman Insurance include;
- Keyman Insurance
- Buy / Sell Insurance
- Debt Protection (Personal Guarantee)
- Revenue Protection
- Director / Shareholder / Beneficiary Protection
The types of cover needed for a business are dependent on the specific needs of the business which is why advice is important. Please contact us for any advice requirements.
Primoris Financial compares and provides advice on all types of Keyman Insurance and Buy Sell Insurance Quotes. Request a quote here