Critical Illness Insurance | Pitsas Insurance

KEYMAN INSURANCE

Businesses choose Keyman Insurance to insure their key people because this policy protects them from any financial consequences when they lose these important people because of death or illness. The business is both the owner of the policy and the recipient of any benefit. There is an option of a life only insurance or of an insurance that includes critical illness. In case of a claim, the company receives a tax-free lump sum.

WHY CHOOSE KEYMAN INSURANCE WITH US:

Tax benefits and deductions

40 years insurance experience

Flexible pricing to suit the budget of your company

Great variety of contracts

US underwriters

FAQ

Who are considered as key employees?

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A key person is not necessarily the top sales persons or the employee who brings in the most income. Key employees can be organizers or planners, people who are familiar with the company’s main product or people behind trademarks, discoveries or designs. Usually these people are directors and managers but any employee who has insurable interest is considered.

What is the cost of a keyman insurance?

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The cost depends on each life insurance taken and takes into consideration the age of each person, whether they are smokers, the amount of cover and the term. Given that all quotes are subject to underwriting, premiums could increase before terms are issued.

Can premiums counterbalance corporation tax?

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Yes, since the company, as the owner of the policy, pays for the premiums which are tax deductible.

Are lump sum benefits tax-free?

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They are paid tax-free to the company but are then subject to taxation similarly to any amount of money from a company.

Other articles:

What is keyman insurance

A company's greatest asset is undoubtedly its staff. While every person plays an important role in a business though, there are always certain members of staff whose absence could be highly detrimental to the company's success. This is why a Keyman or Key person insurance policy may be the greatest investment you could make. Keyman insurance is an insurance policy specifically designed to help a business recover in case it loses a key person who is considered invaluable for its running and growth.

Keyman Insurance (FAQ)

Would your business survive if a key member of staff suddenly passed away? This is probably the worst-case scenario for most, but it is a fact that the sudden death or long-term absence of a vital employee could be destructive for a company's success. This is where Keyman insurance comes in. 1.What is Keyman insurance? Keyman or key person insurance is purchased by a business in order to insure the life of who they consider their most valuable employees.