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New to Business Key Person Insurance NZ Cover !!!!

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Many new & start-up businesses find it difficult to justify and qualify for agreed value levels of cover for traditional revenue policies. This means that these businesses are either underinsured or they have to elect an indemnity contract which may provide less certainty at claim time. Not good.

 It has long been recognised that there is a severe underinsurance problem in New Zealand. This has been backed up by the 2007 MGI Family Business Survey which showed that the following key business personnel in NZ family businesses do not have any life insurance:

 Key business personnel not covered by life insurance Family firms

Founder / CEO 41%

Key family members 62%

Key non-family members 85%

Business partners 78%

 With this in mind, Onepath have developed Key Person Start-Up Income Cover.

In summary:

New businesses that have been in operation for three years or less may apply for the cover and are not required to provide any financial accounts.

They can elect for one of the following monthly sum assured options – $2,000; $3,000; $4,000; $5,000; $6,000; $7,000 or $8,000 and the benefi t will be paid for up to two years.

Your clients will have the choice of 4, 8 or 13 week waiting periods, and just like our other income protection benefits, payments are made in advance.

If the life assured dies while on claim, we will pay a lump sum equivalent to six months benefit to the business on top of payments already made – this is known as the Capitalisation Benefit.

An upgrade path is available to Income Cover after two years and Business Extra after three years – no medical underwriting is required at this point.

 This cover is particularly fitting for self employed and contractors/consultants.

 You simply select the amount of insurance cover you’d like and away you go. No financial assessment required.

 Contact me now or for more information and insurance NZ articles please visit my website.



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