Key man insurance in Brooklyn Gauteng South Africa

Key man insurance in Brooklyn Gauteng South Africa.

If you are looking for key man insurance you are at the right place, thanks for visiting.

Finding the right broker to do business is not always as easy as it looks, as experience in the insurance industry is a essential part of the criteria to look for in a insurance broker. George van Zyl has been in the industry for the last 30 years, he is a qualified Financial Advisory (FA) and he has been dealing with all the in and outs of this business for a long time.

George is also a lawyer of trade, and this is the second part of his business. So buy and sell agreements, well any agreements, any contracts, any registrations of companies, any advice you need surrounding any of these - he is the man to talk to. It is not every day that you get a insurance broker that is a combination of these two very specialized professions! All of the above means that George is perfect to deal with any kind of business insurance or any insurance that has to do with contracts, the more sophisticated insurance, like keyman insurance or sometimes written key man insurance and also called key person insurance.

George is very personable, knowledgeable and super friendly Insurance Broker and he is standing by ready to help you and your business handle all your queries and difficult problems, related to your business insurance.

George van Zyl's office is in Brooklyn, Pretoria, South Africa, he and his staff is standing by to help you to achieve your goals, so you can have a fantastic business that can handle whatever is thrown your way!

For more information about what keyman or key person insurance is please follow this link to the website. http://sandtonkeymaninsurance.webs.com

What happens when your business Key Person dies, becomes disabled or so sick that they are no longer any use to the company?

Most of the time this means the end of the company, as without his vision, expertise and knowledge there is just no business left. The result are huge losses for everyone involved.

Example: I went into business with an ex-professor who found a way to mark music with sounds below what humans can hear – he was the man! This had a great of applications in monitoring both advert content and artist royalties. Unfortunately for me the professor died and I did not have the know-how to update and fix minor bugs in his system, so I had to write off all the time and money I had invested in the project.

There is a solution for this problem, if only I had made use of it...

It is called Key Man or Key Person insurance and it is a life insurance policy that is taken out on the Key Man to be paid to whoever will have losses as a result of his untimely death, disability or dreaded diseases that may befall this Key Man.

So what is needed to qualify to be able to get this Key Man cover?

• You have to show that there will be a loss due to this person's absence
• You have to show how much this loss will be
• This potential loss will have to be verified
• This Key Person will have to be under written – life insurance on Key Man
• A business plan will be needed for a start-up company

Then there is the question of cost?

With life insurance there are costs involved in the insurance taken out on the Key Person/Key Man.

Life insurance is hedging your bets; in this case your risk. With all forms of hedging the basis is that you are willing to give up some of your profit in the knowledge that you will never be left with nothing. In this scenario you are willing to pay the insurance premiums on the Key Man or Key Person in the knowledge that if he or she dies, becomes disabled or contracts or develops a disabitating sickness. you will not be left with nothing.

In the payment of the premiums you have two options.

You can pay the premiums with after taxed money and then if there is a claim the money you receive will be tax free.

OR

You can pay the premiums and deduct it from tax, but then if there is a claim you will have to pay tax on it as if it is an income to you.

This normally has a lot to do with the tax position your company finds itself in, what tax bracket your company is in, etc.

Conclusion

As you can see the problem of the untimely demise or disability or serious sickness of your Key Man can have devistating consequences for your business. If you have not made the nesasary arrangements and do not have the right strategy in place it could cost you your business. But if you put Key Man insurance in place you will always get paid for your work.

If you have any further quistions or if you would like to find out how much it will cost to get your Key Man insured, do not hesitate to call or email me, or follow the link to my website sandtonkeymaninsurance.webs.com

Life Insurance and the housewife

Life insurance is the key to the housewife’s long-term financial success, as it insures that you will get paid if there is a serious problem, like your partner’s death, if he gets disabled, or have a heart attack etc.

The problem with all new relationships is that you do a lot of work first, for which you will get paid later when the marriage is successful - this is where the risk lies! This is why you need to get life insurance on your spouse, to cover you in this dreadful situation, in a lot of the cases this will make the difference between your family’s survival or its financial demise.

As a housewife you give up your day job and so now you are totally dependent on your spouse, also you can not save money for your future, so if your spouse dies or gets disabled, you really have a big problem, except if you have the right contracts and life insurance in place.

The first step in being able to attain life insurance is that your spouse has an income, and depending on how much this is it determine the potential value of your spouse’s future income that is lost and this will determine how much life insurance can be secured on his life.

One of the foundations to be able to get life insurance is that you must be able to prove a loss on your side if your spouse should fall away or die, which is automatic if you are married, but it can also be established in a long term relationship.

Situations where life insurance and extra contracts should be considered is:

• Partnerships where you the housewife stop working.
• New serious relationships, where you have to stop work or take a morning job instead.
• When you get pregnant or is trying to get pregnant.
• Each time you partners income increases as it locks in the new wealth.

Then ideally you want a lawyer insurance agent combination to help you put all of the above in place, as in a lot of cases there are contracts that must be put in place and most of the time it is not at all so obvious what to do. One contract forgotten can have a devastating effect later!

So as you can see life insurance for the housewife is an essential part in managing your risks, and sometimes your families risks in the proses, if you have any questions don't hesitate to call, or follow this link to my website: http://sandtonkeymaninsurance.webs.com/contact-us

Key person life insurance and the entrepreneur

Key person life insurance is the key to the entrepreneurs long-term success, as it insures that you will get paid if there is a serious problem, like your partner (key person) death, if he gets disabled, or have a heart attack etc.

The problem with all new businesses and so for entrepreneurs is that you do a lot of work first, for which you will get paid later when the business is successful - this is where the risk lies! This is why you need to get key person life insurance to cover you in this dreadful situation, in a lot of the cases this will make the difference between your businesses survival or its demise.

The first step in being able to attain key person life insurance is a good business plan, yes the same one you the entrepreneur will need for the bank for financing etc. As this will determine the potential value of the key man, and the business.

One of the foundations to be able to get key person life insurance is that you must be able to prove a loss on your side if your key man should fall away or die.

Situations where key person life insurance should be considered is:

• Business Partnerships
• New companies
• Employees that is unique and which can not be replaced
• Partners that is unique and which can not be replaced
• Creditors - people that owe you a lot of money (do you want to claim it from their estate?)
• Shareholders - do you want to negotiate with their spouse, or have the spouse as a partner? 

Then ideally you want a lawyer, insurance agent combination to help you put all of the above in place, as in a lot of cases their are contracts that must be put in place and most of the time it is not all so obvious what to do. One contract forgotten can have a devastating effect later!

So as you can see key person life insurance is an essential part in managing your businesses risks, and sometimes your own risks in the proses, if you have any questions don't hesitate to call, or follow this link to my website: http://sandtonkeymaninsurance.webs.com/contact-us