Ensure you have the right solutions for your business
Get Key Person Protection today Get A QuoteContact usWhy do I Key person protection?
Protect your business if you loose a key person
Key person insurance protects a business from the potential financial losses it could incur if a key employee, such as a business owner, partner, or other essential employee, dies or is diagnosed with a severe illness. The policy provides a lump sum payment to the business in the event of such an occurrence, which can be used to cover the costs of recruiting and training a replacement employee, paying off debts, or other expenses related to the loss of the key person. The coverage amount is typically based on the key person’s role, responsibilities, and contribution to the business, as well as the potential impact their absence would have on the company’s financial stability.
Business continuity
Losing a key employee can disrupt the operations of a business, especially if they possess specialised skills or knowledge critical to the success of the business. Key person insurance can help ensure that the business is able to continue operating smoothly.
Peace of mind
Knowing that the business is protected in the event of an unexpected loss of a key employee can provide peace of mind to business owners, investors, and stakeholders.
Financial protection
Key person insurance provides financial protection to the business in case of the death, disability or critical illness of a key employee. The payout from the policy can help cover the costs associated with recruiting and training a replacement, as well as any lost revenue or profits resulting from the employee’s absence
Premiums
The cost of your premiums will depend on factors, including your age, health, occupation, and the benefit amount and waiting period you choose.
Key Person Protection at a glance for established businesses
Key person insurance starts from the age of 16 to 59 years old. The policy remains in effect as long as the premiums are paid, and it terminates when the insured person turns 65 years old or is no longer employed.
Payment options include fortnightly, monthly, quarterly, half-yearly, or yearly.
The policy can also be tailored to include an inflation protection option, which increases the insured amount each year.
Premiums are determined based on the age of the insured person and are fixed for one year. The maximum monthly payout for the policy is $30,000, subject to financial and medical evaluations.
Key Person Protection at a
glance for new businesses
The insurance policy covers an individual between the ages of 20 to 59, with the insurance ending either when the insured person turns 65 or is no longer employed.
Premium payments are fixed for one year at a time, and the maximum monthly payout is $4,000, subject to financial and medical checks.
After three years, the policy can be converted to income protection, which may offer additional benefits or coverage. It is important to note that premiums are age-related, meaning they may increase as the insured person gets older.
We Care About Our Client Experience
Get a Free Quote
Address:
P.O. Box 14124, Five Cross Roads, Hamilton 3252
Mail Us For Information:
info@smartlife.co.nz
A Special Thanks to Our Insurance Partners
