Helping protect an Aussie icon
Key Person Insurance
Steadfast Life recently assisted a well-known Australian business implement a $25M key person policy on the life of their founder, who was also the CEO and main driver of the business.
On review, it was determined the key person was still responsible for more than 50% of the turnover of the business and the cover was critical to the short and medium-term growth plans.
The cover provided a contingency to the bank and the board of the business. In the event of death of the key person, the business had the liquidity to extinguish the lines of credit and to hire suitable replacements to carry out the future business plans.