Key people are essential and can have the power to make or ruin a company’s basic operations. To ensure that a company won’t go bankrupt in the event that a key employee dies or gets disabled, one can purchase the key person’s insurance. The package will offer coverage in the event of a key person’s death and disability.
The FNB key person insurance is one choice to consider while seeking key person insurance. FNB provides key person insurance to the company’s key employees. A key person insurance policy from FNB is available as a life cover, a disability cover, or both.
The product can be purchased by businesses to ensure that, in the event that a key employee dies or becomes disabled, a worthy replacement can be recruited and financing is provided to upskill new talent. The money from the insurance policy can be applied however the company sees suitable.
Benefits are provided for each premium paid and are part of the FNB key person insurance policy. By taking part in the eBucks rewards program, policyholders can accumulate eBucks points. Policyholders will receive eBucks points as payment for a portion of their contributions. Points will be given based on the tier level attained.
Before obtaining FNB Key Person Insurance for your business, read on for a more detailed explanation of the product. Below is further information on the product.
A business can buy FNB key person insurance as a form of insurance to cover the financial loss of a key employee. The FNB Key Person Insurance has a minimum and maximum cover value of R200,000 and R100,000,000, respectively. The key person insurance can be supplemented with a disability cover to safeguard a vital employee from disabilities.
A disability cover can also be obtained as a standalone insurance package for a crucial employee. If obtained through FNB key person insurance, the disability coverage can be up to R50 million. The insurance will pay out if the key person suffers a disability that prohibits them from carrying out their duties.
The FNB key person insurance is immediately available after a successful application. The policy is immediately implemented for fatalities that are both preventable and natural. The FNB Key Person Insurance policy includes terminal illness coverage. If it is determined that the key insured individual has a terminal illness and their expected lifespan is less than 12 months, the company insured will be compensated. The diagnosis must be made by a qualified medical expert.
The FNB key person insurance cannot cover some people. The person who will be covered must be at least 18 years old. The individual must be working for the company and be under 70 years of age. For disability insurance, the person to be insured must be younger than 60 years of age.
The FNB key person insurance comes with eBucks rewards. The eBucks rewards for the product are explained in detail in the next header.
All FNB key person insurance purchasers are eligible for the eBucks rewards bonus. Policyholders receive cash back in the form of eBucks reward points after paying their premiums. Individuals who pay their premiums will be eligible to get eBucks reward points.
To be eligible for an eBucks rewards benefit, the premiums must be paid from an active FNB business current account or RMB business private bank account. Points will then be gained each month after that. The most points that may be gained each month is e70,000, or R7,000.00.
How many eBucks points an organization can get depends on the tier level that it is on. The amount of cashback in eBucks that can be obtained varies from 1% to 15% of the premiums’ value, and the tier levels range from tier 1 to tier 5. The awards are available for every premium paid by a corporation for each and every life it insures.
By obtaining FNB key person insurance, any company may protect key employees working for a company. However, you need to already have a business account with RMB or FNB in order to get cash back for eBucks. To acquire the FNB key person insurance, a company can submit an application online or in person at an FNB branch.
When completing an application, information about the company that wishes to insure its crucial employees must be submitted. A disability cover option is available, and details on the personnel for whom the insurance is required will also be required. Key individuals will undergo full medical underwriting in order to finish the application.
A premium quotation that must be paid on a monthly basis will be issued following a successful application. The applicant has the option of choosing between full coverage and an annual premium increase. The lives of the insured are immediately protected.
There is no waiting period for deaths that are natural or accidental. However, there is a 24-month waiting period before suicide. Suicide will be covered starting in the 25th month following the purchase of the key person insurance.
The policy shall be in force so long as premiums are paid in accordance with the terms of the contract. If the premiums are not paid, the coverage will end. The firm has the option to end the insurance coverage within two months after obtaining the insurance package.
The FNB key person insurance is an excellent option for a business that wants to ensure that it won’t suffer financially in the event that a key employee dies. Considering that the coverage does not cover disabilities, it could be preferable to combine this protection with a disability insurance policy for key employees.