The Keyman Life policy provides protection against monetary losses to a business organization as a result of death or total permanent disability of a valuable or key employee. It pays for the cost of replacement of that key person. Payment of benefit is subject to the Sum Assured.
Who is this Policy for?
- For a Proprietor, key employer, or partner upon whom the success of the business depends
- For Companies or individuals who want to protect their business from facing financial losses upon death or disability of the key man
Importance of the Keyman Policy
- Aid in financial cost for training and recruitment for replacement of the Keyman (Ensures business continuity)
- Aid in the company’s ongoing expenses (protects profits)
- Aid keeps market price stable of the business(Protects against losses)
- Aid the company or employer payoff loans and other financial liabilities
Cover and Benefit
The policy covers death of a key employee and any of the following selected benefits:
- Total permanent disability as result of illness or accident.
- Total temporary disability as result of accident.
- Named critical illnesses
In the event of death or total permanent disability of the key employee, miLife will make a lump sum payment of the sum assured to the organization.
To be eligible for cover, the key employee should at the date of the application not be less than 18 and not more than 65 years. However, individuals above 65 years will be subject to separate underwriting considerations.