Key Man Insurance
These are the policies taken by a company to secure against sudden loss (by death) of its key employee(s) who may be senior managers or directors or other employees with the technical expertise that is valuable for the company’s future and profits.
Generally the companies set off the premiums paid towards their Key Man policies against their business expenses. LICI, however does not assure or accept any responsibility for the tax treatment of the premiums paid by companies towards keeping their key man policies in force. Nor does it, in respect of the tax treatment of the proceeds received from LICI towards the surrender value or maturity value or claim by death of the key man. These are the issues to be resolved by the Companies and their accountants with the Inland Revenue Department.
The following plans are available for Key Man Insurance
Generally the companies set off the premiums paid towards their Key Man policies against their business expenses. LICI, however does not assure or accept any responsibility for the tax treatment of the premiums paid by companies towards keeping their key man policies in force. Nor does it, in respect of the tax treatment of the proceeds received from LICI towards the surrender value or maturity value or claim by death of the key man. These are the issues to be resolved by the Companies and their accountants with the Inland Revenue Department.
The following plans are available for Key Man Insurance
- Endowment Assurance Plans: The Target Range of Plans
- All Whole Life Plans: The Wealth Builder Range of Plans
- Money Back Plans: The Money Tree Range of Plans
- Term Assurance Plans: The Breath Easy Range of Plans