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Key Person Protection Insurance
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Key Person Protection InsuranceKey Person Protection Insurance

A key person is not only yourself, but also an employee or contractor whose skills and expertise are essential to the functioning and profitability of your business.

You and your key people face the risk of major illness, disablement and even death, which can have a serious impact on your business. By protecting yourself with insurance and insuring your key people – whereby the company is the owner of the policy – if you or they should die or become disabled, this protection helps your business survive.

Two types of cover for you and your key people
The long-term survival of your enterprise could depend on how you manage the business risks associated with serious illness and permanent disability. In addition to Key Person Disability Income Protection for your employees, there are two other types of cover to consider for you and your key people:


1. TotalCareMax Business - Total Permanent Disablement (TPD) cover

Provides a lump sum if the you or a key person insured becomes totally and permanently disabled. This money can be used to keep the business operating.

The TPD payment can be treated as an early (accelerated) payment of Life Cover, if you have it, to reduce the cost of premiums.

We’ll pay up to $1,500 for professional financial advice, to ensure you get the most benefit from a lump-sum payout.

Opt to include the Business Safeguard Facility and cover can be increased at certain times, without the need to provide further medical evidence.*

*Sovereign’s standard terms and conditions apply.

Note: When insuring a key person other than yourself, it is important that you, as the business owner, retain ownership of the policy, if you want the benefit to be paid to the business and not your key person.

2. TotalCareMax Business - Living Assurance
• Pays a lump sum of up to $2 million, depending on the level of cover you choose, if the you or a key person insured suffers from a specified condition.
• The Living Assurance payment can be treated as an early (accelerated) payment of TotalCareMax Business - Life Cover, if you have it, to reduce the cost of premiums.
• We’ll pay up to $1500 for professional financial advice, to ensure you get the most benefit from a lump-sum payout.
• Life Cover 'buy-back' allows the original Life Cover benefit to be reinstated without the need to provide further medical evidence following a Living Assurance benefit claim.*
• Opt to include the Business Safeguard Facility and cover can be increased at certain times, without the need to provide further medical evidence.*

*Sovereign’s standard terms and conditions apply.

Note: When insuring a key person other than yourself, it is important that you, as the business owner, retain ownership of the policy, if you want the benefit to be paid to the business and not your key person.

Disclaimer: The availability of any insurance cover is subject to your application being approved. For full details, refer to the policy document which is available on request from Sovereign. Applications are subject to individual consideration. Special conditions, premiums, maximums and exclusions may apply.

                                   

Steve has made it possible for our family to growth wealth and safeguard ourselves with the right insurance package...
- Gary & Lois Birkett

Steve spent time with me working through my insurance requirements and making changes and recommendations. His communication with the underwriters and myself was excellent...
- Bryce Frewin



When you need personal insurance advice to protect your loved ones, life, health and mortgage, then the insurance brokers/advisers
at ADVOCO will get you covered...

ADVOCO - Latin for
- "to call an adviser".

So call an Adviser now
on 0800 238 626

 

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Gregor Mansfield
Insurance Adviser
ACC
Income Protection Insurance