Best Key Man Insurance Policy In Dubai, UAE

What is key man Insurance

Keyman Insurance In UAE is a form of life insurance taken out by a business to compensate that business for any financial losses that would arise from a death or injury of an important (key) person to the business. This can also be extended to cover the business in case that key person is no longer able to work for whatever reason. The Top Keyman Insurance policies are provided by the Best Life Insurance In Dubai. This is the kind of insurance taken by organizations on the key employees. This person may be a senior supervisor, a leading sales person or even the proprietor of that company. The commercial enterprise or the company owns the policy. It pays all of the top coverage rates and is the beneficiary in the event of the key employee's death.

Many businesses rely on a single person (sometimes a handful of people) who are responsible for the majority of the income to the business, it can also be that this person(s) has a unique or hard to replace skill set or experience, or even maintains relationships with people that are very vital to the organization

Therefore apart from Keyman insurance, we at Zurich Futura also provide great Term Insurance In UAE to safeguard your overall business.

You don’t have to further worry about any untoward incident in the future with the help of the Term Insurance In Dubai. There are innumerous benefits of Keyman insurance like business protection, company’s valuation,  insurance money, Term Insurance Plan amongst many. Therefore this type of policy is usually owned by the business itself in order to compensate the business for losses incurred in the case of loss of those key income generators or those who play an important role in facilitating and running the business. Thus the best course of action would be to choose Best Life Insurance In UAE which also comes with a good Keyman Insurance.

Keyman structure

How it works?

We offer service to business community by providing a composite suite including business insurance, business succession plan & partnership protection to both corporate and individual clients from a range of international and domestic product providers.

Many businesses would be functioning for many years or over a period with the help of new shareholders. However, with the sudden demise of the shareholder or the key personal of the organization will lead to so many problems in the business. What will happen to the shareholder’s investment? How will the other shareholders compensate? Is there any shareholder protection insurance? Or a keyman insurance policy created by the company? What will happen to the company's business progression? If a sudden demise of a shareholder or key person occurs, then is there a chance that it impacts the business profit? 

How does key man insurance support your business? How is the key man insurance cover calculated? It’s always better to meet us directly where we can have discussion completely on the below area by analyzing its importance and advantages.

1: Assets protection 

2: Secure the business Liability 

3: Securing the Business loans

4: Revenue protect 

5: Protecting the Employees 

6: Funding the future Business operations 

7: Partnership Buy/Sell - Partnership protection 

8: Shareholder protection?

9: How to secure the business investment from the business itself?

10: Protect the goodwill of the company?

11: What will happen to receivables/Outstanding in the market

12: Business continuity and Succession planning

What will be the key man insurance cost? 

 Key man insurance cost will be considered based on the key man insurance cover amount. generally over all expenses of the organization lesser than 1%.  Key person age and health factors are also involved. Key man insurance policies have more additional benefits which can be added under the plan like critical illness cover, permanent total disability and accidental death, when we add additional riders under key man policy then the cost will go up. All these will be discussed during the meet to understand completely 

How will the key man insurance cover be calculated?

As we are experts in key man insurance, we have implemented key man insurance UAE policy in many companies in UAE in the last 10 years. In general, we assess the financial situation of the company based on the last one year or two-year balance sheet of the company to verify any receivables pending in the market.

Key Features Of A Keyman Insurance

Companies can make the best decisions when they know the features of the Keyman insurance.

Coverage For Life And Disability:

This Insurance gives you coverage for both life and disability and helps in financial planning in Dubai for a secured future of the company. If the keyman becomes disabled and is not able to work or passes away, the policy will give the company the benefits from the insurance. The Keyman insurance can be used to cover the expenses of hiring a replacement, compensating for the lost income, and holding the business after the loss.

Premium And Ownership:

The business enterprise or the business is chargeable for paying the charges and owns the Keyman insurance policy. The value can also differ based on factors like the age, health and lifestyle of the person, the quantity of coverage, and the kind of coverage taken on the person through the business enterprise. 

Flexibility:

The Keyman insurance Dubai policies can be customized according to the business's needs. This includes choosing the amount of coverage, length of the policy, and term and permanent insurance. The term policy covers a period from 1 to 30 years, while the permanent policy covers the insured's lifetime. 

Financial Protection:

The main benefit of Keyman insurance UAE is financial protection for the company or business. The payout from the insurance during any mishap helps the business cover the expenses incurred during the loss of the key employee. The business needs to recruit and train a replacement, cover any loss in income, and maintain daily operations without any hassle.

Importance Of Keyman Insurance

The unexpected absence of a key employee can result in a considerable disruption in business operations. Keyman Insurance affords financial security that allows the organization to control the effect and hold the balance. This may be vital in keeping the enterprise afloat during a tough period. Life Insurance bazaar, the best advisor for Key Man Insurance UAE, gives a variety of customizable options for its customers.

Key employees often play a crucial role in revenue generation. Whether it's a top salesclerk driving sales or a key executive making strategic decisions, their absence can lead to a decline in sales. However, the payout from a Keyman Insurance policy can help offset this loss, ensuring the enterprise has the necessary funds to continue operations. It is wise to consider different investment plans in Dubai to further improve the company's financial security and growth.

Case study:

My client was running a successful business in SAIF Zone Sharjah, UAE. This client took a key man insurance policy in the year 2018 with cover amount USD 5 Million. Last year in 2022 he passed away due to a heart attack, where the family had to face the emotional loss. Now the family has appointed a manager to administer their family business. However, the profits went down, contacts were lost, and business turnover went down by 50%. The only good thing is the business operation continued since the family received a good amount of money through the keyman insurance Dubai from Life Insurance Bazaar.

Schedule a meeting with us to discuss how your business is functioning and how our key man insurance policy can be an aid for your business.

Advantages of having key man insurance