Keyperson Plan
The Keyperson Plan is a disability policy that will provide benefits in the event of a key employee’s total disability.
There are two types of Keyperson Plans:
- Wage Loss Plan – designed to provide a source of income for a key employee while he or she is totally disabled.
- Reimbursement Plan – designed to help protect the business from lost sales, increased expenses or high replacement costs when a key employee is totally disabled.
Plan Features
- Recurrent Disability – The monthly benefit may resume immediately if the key employee becomes disabled again within 12 months from the same or a related cause.
- Waiver of Premium – If the key person has been disabled for 90 days, we will refund the premium paid during this period and waive the premium while the disability continues.
Optional Riders
Customize your Keyperson Plan disability insurance policy to suit your needs.
- Future Insurability Option Rider and Future Needs Rider – These riders guarantee that additional coverage can be purchased subject only to financial underwriting on specified option dates, regardless of the person’s state of health.
- Return of Premium (50%) Rider – Provides for the return of 50% of the yearly eligible premium paid or waived under the policy if the insured has had minimal or no claims after 7 years and is not disabled (and every 7 years thereafter). The amount of the return will be reduced by any disability benefits paid or eligible premium waived or refunded.
|
