What is Keyman Insurance
Keyman Insurance is taken by a business firm on the life of key employee(s) to protect the firm against financial losses, which may occur due to the premature demise of the Keyman. Key man insurance is also referred to as key person insurance or key employee Insurance.
Who can be a Keyman?
Anybody with specialized skills, whose loss can cause a financial strain to the company are eligible for Keyman Insurance. For example, they could be:
- Directors of a Company
- Key Sales Person
- Key Project Managers
- People with Specific Skills etc.