This type of insurance is life insurance on a key person in a company. This key person is crucial to a business, which can be the owner, CEO and/or a high level executive.
If this key person should unexpectedly pass away or be incapacitated, apart from the intellectual loss, there is a financial strain to the business due to the absence of an active participant in the day to day business affairs. The loss can be detrimental in terms of sales and profit scales.
Key person insurance provides the financial means to stabilize a company during the adjustment period after the loss of a key person.
Key man insurance can provide some of the following compensation:
If your business would be dramatically impacted by the loss of one or more of your “key” people, Key Man insurance can effectively protect against this risk.
Choosing the right type of policy can be overwhelming. At BMG Bank (Cayman) Limited, we can help provide the comfort in choosing the right type of policy which fits the needs of your specific business and inform you of any potential tax implications.