Key person insurance will help protect you from unfortunate circumstances that may happen to the business if one of the business owners, directors, specialised persons or key staff members can’t work for the business anymore .
As an employer, you may get a key person insurance policy on the health or life of your employees whose work, knowledge, or contribution is considered to be uniquely beneficial to the company.
The main reason for getting key person insurance is to offset the losses and costs which you will bear if you lose a key person. In the case of loss of a valuable employee, key person insurance will compensate you with a fixed monetary sum, which is stated in your insurance policy.
This money can be used to reduce or pay off the debts, release any loan guarantee or security provided, protect your personal and business assets and ensure the business can continue as a viable operation.
It is important to discuss your insurance needs with a Financial Adviser. We can tailor a plan based on your unique and individual circumstances. Please feel free to contact us at Next Level Wealth. We are more than happy to assist you.