Insurance for key man and partners
A key man can be a senior director or executive but also an employee with a unique or essential knowledge (or know-how). Key man insurance provides the company with financial security in case of death or disability of the key man. Temporary disability may also be covered.
As a rule, the company is the policy holder and the beneficiary of the insurance amount. The key man is the insured. When implementing such policies, Pasion always checks the adequacy of the terms and conditions with the actual case to be covered (practice of sports, travel in dangerous areas, pre-existing health conditions…).
We can also help defining the right amount for the insurance.
It is useful to know that these policies can be used to back up professional loans or corporate loans, the beneficiary being in this case the lender. In France, the premium is tax deductible on a yearly basis.
Insurance for partners
A contract protecting a group of partners or shareholders enables them to buy back the shares of a deceased partner or shareholder.
The policy holder can be the company and the partners are the insured and the beneficiaries. In France, each insurance premium is tax deductible for the company but is benefit in kind for the partners.