It is an insurance to safeguard your business in the event of a key person’s death, disability or significant medical event.
The term “key person” refers to an individual whose contribution to the success of the business is significant.
Why do I need Key Person Insurance?
The loss of a key person can have a devastating effect on the financial stability of the business. Key Person Insurance is designed to pay out a lump sum on the death or disability of the insured key person, during the length of the policy. It is paid as a lump sum and could significantly help the business to recover. There are many ways to determine the need and quantify this in dollar and cents terms. The method used will be determined by what makes the person important to the business. Your business risk specialist will assist you in this process.
At Austbrokers Countrywide we believe that through advice you will achieve the best possible protection outcomes. We have a strategic partnership and referral arrangement with Countrywide Advice to provide professional advice for our valued clients.
To contact the Countrywide Advice Team please click below.