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Thread: Key Man Insurnace

  1. #1
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    Default Key Man Insurnace

    Do you know about Key Man Insurance?

    If you own a successful business then you should be looking at getting key man insurance to cover your self against the death or critical illness of a employee. We at www.mykeymaninsurance.co.uk can offer this advice for free.

    Regards



  2. #2
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    its perfect every industry in today's world will need this key man insurance so that they can avoid losses that occurs due to the unavailability of the key person ........... its a nice plan many can benefit from this plan ..........good post friend.......

  3. #3
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    No business in free from risk and to be ready for every situation you must go for business insurance. Check our latest plans http://www.quotes-center.com/busines...nce-rates.html to secure your business.

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    I suppose it depends how the cost weighs up to the premiums, would the unassociated posters recommend this insurance?

  5. #5
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    It depends on the purpose of the key-person insurance. If it is a consulting business with one employee (happens a lot in texas and alberta with oilfield consultants) they are really just the key-person to their family, in which case just do a needs analysis and sell some personal life insurance. if they have some employees or have a partner and they wish to keep the business going, you should sell them buy-sell (partners) policies, or key-person insurance in order that the second in command might take over the business from the family or owner in case of death or permanent disability. A mid-large business that would need to replace their key persons would need to purchase key-person for the loss they would incur to try to attract a new key person (new talent) and the estimated net income loss that would result if they lost their key person to a disability or loss of life.

    In reality, key person insurance is just a fancy way of using life insurance/disability insurance. You call it key-person if you are wanting to use it for a key-person. you call it buy-sell if you want to finance a buy-sell agreement.

    I recommend it depending your goals and whether or not your business can/should self-insure something like this.

  6. #6
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    Good point...key man business insurance is vital, especially for a small operation. BTW, someone mentioned one man consulting firms in Texas. Happens here too...tons of one person consulting companies.

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    Quote Originally Posted by leeleerambles View Post
    Good point...key man business insurance is vital, especially for a small operation. BTW, someone mentioned one man consulting firms in Texas. Happens here too...tons of one person consulting companies.
    Ya, people love working for themselves and writing everything off. Makes it easier to sell them extended health insurance. You just need to find them the money.
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  8. #8
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    Key men insurance is especial kind of cover for your company's best men, if you want to protect a senior member of your workers team then this plan is quite helpful for you.

  9. #9
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    Many people and especially insurance agents themselves make the mistake of thinking key man insurance is simply life insurance. Yes, life insurance is one of necessary elements of a good key man insurance plan, but in most cases key man disability insurance is equally important

  10. #10
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    "Key Man" insurance is a life and/or disability policy taken out by the business as a beneficiary in the event of death or disability to a particular key employee. This type of policy is also called: key executive coverage, key person coverage and key employee coverage.You should consider "Key Man" coverage as a part of your business insurance program.But company is liable to pay FBT on this expense. This is treated as Employees Welfare & FBT is to be paid at 30% of 20% of value of fringe benefit i.e. 6% of value of FB.
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    Last edited by Zack; 10-13-2012 at 12:17 AM.

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