Business Cover

Keyman Cover

This type of life insurance helps protect against the loss of an integral employee or director whose illness or death could have serious financial repercussions on the company. Losing a key person can be a disaster for any business as their loss could leave the company without vital skills and knowledge and can quickly lead to a loss of confidence from its customers and suppliers. Effecting a keyman life policy is relatively simple with the company owning and paying for the policy on the life of the key employee. In the event of a claim the policy benefits are paid directly to the company.

Loan Protection

Many businesses rely on start-up loans or financing to expand operations and the responsibility to repay them will often rest with a few key people, normally the shareholders. Often a lender will insist that a personal guarantee is provided as security against the loan and this typically means that personal or business assets are placed at risk. An alternative is to take out life insurance on any individual who is responsible for a loan and if there is a claim on that person, the policy benefits can be used to repay the outstanding debt obligations rather than the lender claiming from the personal assets of the deceased.

Partnership Protection

The sudden death of a partner in a business can cause significant problems, for not only the family of the deceased, but also the remaining partner(s). Without having partnership insurance in place, the surviving partner(s) could lose control of some of the business, or in certain circumstances, all the business. A solution is to take out life insurance on each of the partners’ lives so that if there is a claim on any individual, the policy benefits can be used to provide financial support to the surviving partner(s) and give them the necessary funds to buy the shares of the deceased.

Shareholder Protection

If a shareholder dies the shares will normally be passed to the immediate family of the deceased and the surviving shareholders may then have no control over what happens to the shares. The next of kin may decide to hold onto the equity or if there is no liquidity in the business, the shares may even be sold to an outside party or a competitor. Shareholder protection insurance, alongside a suitable legal agreement, provides the surviving shareholders with the capital required to buy the shares from the estate of the deceased.

LIFE COVER

Life Cover is the primary benefit of the Atlas Life product range and in the event of a claim a lump sum payment will be made to your nominated beneficiaries.

CRITICAL ILLNESS

Critical Illness is an optional benefit which pays a lump sum payment if you are diagnosed with one of the critical illnesses specified in the policy conditions.

DISABILITY

Disability is an optional benefit which pays a lump sum payment if you become disabled as a result of an accident or illness, as long as the condition meets the disability criteria as specified in the policy conditions.

TERMINAL ILLNESS

If you are diagnosed with any illness that will lead to your death within 12 months, we will pay the full amount of life cover in advance.

INDEXATION

The indexation option results in your sum assured increasing at a fixed 5% every year. This option is designed to keep your cover in line with inflation.

MEDICAL SECOND OPINION

This is a free benefit offered to any life assured who is diagnosed with a serious illness. They can receive an evaluation from a panel of medical experts around the world on their original diagnosis and treatment plans.

Policy Benefit