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Keyman Insurance or key employee insurance is cover that will protect an institution in the event of an untimely death or disability of a top salesperson, executive or business owner. Keyman Insurance provides peace of mind to business owners and shareholders alike knowing that the business can continue operations without a major disruption in the event of the loss of a key employee.
How does it work?
The benefit is payable within 24 hours to allow the family to use the benefit for the funeral. The policy is designed to meet funeral and other associated expenses and can be extended to other family members. Speak to a financial adviser to outline how the benefit works for you.
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What's in it for you?
- Money will be available at the time it is needed to provide an emergency fund to keep the business running
- Helps to cover the loss in profits during the readjustment period
- Assures service providers and customers that the business will continue operations
- Staff morale remains positive knowing that the company is not in danger of collapsing
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How much cover can I get?
We have answered some of the questions you might have. If you want to speak to a consultant, you can call +265 891 002 010.
The customer will have to choose the limit of cover that they want to buy. Cover ranges from MK 1,000,000 to MK 500,000,000.
This includes:
- Owners/Managers
- Employees with special skills
- Technical experts
- Financial experts
- Salesmen
Premiums will depend on how much cover the client has bought .The premium is paid annually. We can also arrange Insurance Premium Finance where necessary.
Claims can be made at any Bank branch or agency and the benefit will be paid, provided all the relevant documentation has been submitted and approved. If there is any dispute as to the entitlement of the benefit, the Bank and Old Mutual will have the final decision.
Let's talk
Share your details and we'll get in touch as soon as possible.