Key Man Insurance and Group Life Insurance are two forms of Life Insurance coverage which CCW Global is able to offer to Groups, Businesses and Companies in Hong Kong.
Specifically designed to reflect the needs of commercial organizations, Key Man and Group Life Insurance coverage in Hong Kong can protect your company against lowered productivity or loss of business in the event that a key member of staff dies or is unable to work.
Life Insurance Plan
Key Man Insurance in Hong Kong
Key Man Insurance Coverage in Hong Kong are usually owned by a company and/or business and are taken out to compensate the organization against losses resulting from the loss of a key income generating individual and will help to ensure continuity of production should a vital staff member become incapacitated or die during the period of their employment with a company.
Please note that Key Man Insurance Coverage does not provide an Indemnity, but instead compensates an organization for the loss of a key staff member with a fixed settlement as specified in the policy contract.
Key Man Insurance is related to standard life insurance, however the policy’s coverage does not extend past the period of employment of the individual (or key staff member) being covered. Simply put, if your organization obtains a Keyman Insurance Policy for a staff member, that policy will lapse should the employee being covered leave the company.
Which Employees can be covered by a Key Man Insurance Policy?
Keyman Life Insurance coverage in Hong Kong is usually obtained by a business on the health or life of a staff member whose overall contribution, knowledge, or work is considered vital to the organization.
Employees often insured under a Key Man Insurance plan in Hong Kong can include:
C-Level Executives, such as a CEO, COO, or CFO
Essential Departmental Directors, such as Marketing Directors and Sales Directors
Regional Managers, such as General Manager APAC and Managing Director APAC
Partners in a Firm, such as Named Partners in a Law Firm
Project Leads, such as a Lead Developer on a Programming Project
Anyone who possesses vital knowledge for an organization
Coverage Under an HK Key Man Insurance Policy
Key Man Insurance Coverage can compensate an organization against extended losses over a period of time when the insured employee is unable to work. This type of coverage will often provide temporary staff coverage, and can offer funds for the recruitment and training of replacement personnel.
In addition to this, Key Man Insurance Coverage can protect a company’s profits in the event of a key member of staff being unable to work. This may include income offsets for lost sales if the individual was responsible for the organizations Sales Department.
Because this type of policy is designed to reflect the unique nature of your organization and employees the actual coverage offered under a Hong Kong Key Man Insurance plan will be dependent on the activities of the Key Staff Member being insured.
Group Life Insurance is another form of Life Insurance Coverage which can be obtained by Groups, Companies and Businesses in Hong Kong to cover employees against their risk of death.
This type of policy is generally a Yearly Renewable Term Life Insurance plan, where the premium will increase or decrease each year with the average age of the members of the group. For instance, should all members of the group remain the same, the policy premium will increase year-on-year, but if a number of older staff members leave the company, or if a wave of younger individuals are hired by the organization, then the premium may decrease.
Unlike Key Man Insurance Coverage, however, a Group Life Insurance Plan will not usually provide compensation to the company in the event of an employee’s death – any settlement from a Group Life Insurance plan in Hong Kong will usually be to the benefit of a staff member’s dependants and not the business
Free Key Man Insurance and Group Life Insurance Quotes
If you would like to receive a free quotation comparing a range of leading Key Man and Group Life Insurance plans in Hong Kong please complete the form at the top of this page and select Life Insurance from the menu. Once we have received your quotation request an expert CCW Life Insurance Broker will contact you with a detailed comparison of leading coverage options to further discuss your specific requirements.
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