Bluecare Financial Services

Business Insurance
Insure or not Insure, Is the risk not being insured, worth it
                             Bluecare Business Insurance
Keyman Insurance and Agreements
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The term "keyman assurance" is used to describe the arrangement whereby an employer insures the life of a key employee for the purpose of recouping the loss that the employer would suffer in the event of the employee's death. This would apply equally to companies insuring the lives of directors and close corporations insuring the lives of members. This loss could be of a revenue nature, for example, the employee in question maybe the employer's top salesman and his death could leave a big hole in the employer's turnover.
Alternatively, the employee or director may have provided security for some or all of the company's borrowings. His death might well result in the termination of the line of credit resulting in a "loss" of capital nature for the company. The policy is owned and funded by the employer. The employee is simply the life assured

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