At O’Sullivan Insurances we can help you to safeguard your business with a Key Person Insurance Policy.
Key person insurance is a business-specific life insurance policy that can compensate a company for the financial loss and other consequences of the death of an important member of the business.
How does Key Person Insurance work?
You can take out Key Person Insurance at any stage of your company’s lifetime. You will pay a premium on a regular basis, based on the cover that is required. If the unexpected happens and this person dies, or becomes seriously ill, the policy will provide a lump sum to compensate for this event. This can be used to offset any financial losses incurred. It can also be used to contribute to bank loans where the key employee gave a personal guarantee, or to pay off loans made to the company by the key employees.
Protection: If a key employee dies, a cash sum is paid to help maintain the business.
Continuity: Can help minimise interruption to business activity.
Financial assistance: Can help with bank loans that involved the key person.
Staffing: Can help provide resources to find a suitable replacement for the employee.
Request a callback from one of our specialist advisers today.
O’Sullivan Insurances, 39 Mitchel Street, Clonmel, Co. Tipperary