The purpose of Business Keyperson Insurance is that the company insures the life of key employee to protect against financial consequences of his/her death or of his/her suffering a serious illness.
Business Keyperson cover allows a company to replace the loss of profit and income due to the death or serious illness of a Business Keyperson in the company. It can help replace senior managers, executives, pay down borrowing and have a contingency plan in place in the event of a major loss. Be sure to ask about noting the policy has been arranged at an AGM or Company resolution.
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