It is a life insurance policy, which a corporation buys on the lifetime of its chief employee or executive and therefore the company pays the premium. So today we’ll know the entire information about Key Man policy during this post.
Keyman Insurance is additionally called Key Person Insurance, Key Person Insurance, Key Women Insurance or professional life Insurance. It’s a life assurance policy under which the corporate ensures the lifetime of its main employee or executive. Company keyman insurance is that the beneficiary of this scheme and therefore the company pays the premium. And therefore the amount of this claim goes to the corporate.
The absence of a Chief military officer of a business or company can have an outsized negative impact on the operations of the corporate, hence the necessity for key person insurance.
Before taking the Keyman insurance policy, you undergo all the technical terms. Their information is important to know the terms and conditions of the policy. This makes it easier for you to know the advantages of your policy.