Keyman Assurance Policy*


Most organizations have an employee who is vital to the continued profitability of the business. For example the person who has built up a company from scratch. The loss of such a keyman could seriously affect the company’s profitability, so the Company needs some sort of financial compensations to cover the expenses of finding, securing and training a successor.


The Keyman Assurance is usually taken out by business organizations to compensate them for financial losses (like costs relating to hiring temporary staff or recruiting successor or losses which may arise from decreased ability to transact business until successors are trained) which they might incurred as a result of the death or prolonged incapacity of a key member of the organization.

Who can take out this policy?

An employer can take out a key person insurance policy on the life of any employee between the ages of 18 and 65 years whose knowledge of the job, or overall contribution is considered absolutely valuable to the profitability company.

Level of Benefit Available

Policyholders decide on the level of cover they want. Premium due depends on the age of the life to be assured, the amount to be assured and the term of the cover.

Increase of the Level of Benefit

This could be done to meet changing circumstances or inflationary trends at. Such an increase in the benefit attracts increase in premium.

Inception of Cover

The policy can start running after the payment of the first premium.

Premium Payment Methods

Premium could be paid: Monthly, Quarterly, Half Yearly or Yearly

The Policy’s Minimum Term

The protection offered by the policy is till the death of the policyholder but does not go beyond the period of the usefulness of the Keyman. Can the employee replace the person covered under the policy in case of resignation or retirement? Yes. You can replace at any time by sending a written notice to us of such change together with full details of the new person.

Claim Procedures

All claims should be reported at the Life Department of the Company, Second Floor, Kissy House, 54, Siaka Stevens Street, Freetown. The documents required are:

Death Claims:
  • Death certificate
  • Cause of Death Certificate
  • Policy Document

Non-Payment of Policy Proceeds
Benefits due under the policy shall not be paid in any of the following circumstances:
  • The information you provided on the Proposal or Application Form was not correct
  • Non-payment of premiums
  • Death due to an Excluded cover