The major asset of any business is its people. Just as in our personal lives, the unexpected in our corporate lives is best planned for today – which is why PWS offers comprehensive protection for your company.
Key Man Insurance
Here, a life insurance policy is taken out on a key person within a business. In smaller companies, this is usually the owner, founders, or one or two essential people. You should consider Key Man Insurance for any individual whose absence could sink the company.
The concept is a simple one: Your company purchases a life insurance policy for a key person, pays the premiums and is the sole beneficiary of the policy. If that person dies your company receives the insurance pay out, which can help it to survive.
How would partners keep control of a business if a major shareholder or partner were to die or be diagnosed with a critical illness?
Share Protection is similar to Key Man Insurance in that the business is the beneficiary of the insurance policy. In this instance, the life insurance policy (in conjunction with a suitable share purchase agreement) could help ensure that control stays with the remaining shareholders or partners. It would mean a substantial cash sum is available whenever death occurs, allowing surviving business partners to buy the deceased’s share of the business.
- Life insurance up to US$20-million
- Online life insurance up to US$4-million
- No medical underwriting for policies up to US$500,000
- Critical illness cover up to US$2-million
To find out how your business could benefit, contact us today.