Key Man Insurance is a fundamental consideration for companies keen on safeguarding their future. Enshrined in this policy is the insurance of crucial individuals within the company whose loss would inflict substantial damage to the business. However, before venturing into this contractual labyrinth, it is imperative to arm oneself with profound knowledge and understanding. A broker, adept and experienced, can serve as the guiding star in this endeavour. Yet, the onus is on the policyholder to ask the right questions to unearth the most relevant and beneficial information. Here, we compile a list of twelve pertinent questions to aid in this quest.

• What is the financial underpinning for the insurance premium?
• What are the specifics of the coverage?
• What is the policy term?
• How is the key person's value calculated?
• Can the policy be transferred?
• Are the premiums tax-deductible?
• Does the policy include disability coverage?
• How is the death benefit paid out?
• Are there any riders available?
• What are the implications for the company's balance sheet?
• What is the claim process?
• What happens if the policy lapses?

The landscape of Key Man Insurance is fraught with intricacies and variables that can significantly impact your company's financial health. It is a strategic and economic imperative to ask the correct questions and elucidate the most beneficial course of action. Armed with the right questions, you can navigate this labyrinth with confidence and precision.