The GLICO Key Man Protection Plan (GKMPP) is designed to protect an employer from the adverse effects of loosing “key” top executives (both males and females) from a company, as a result of premature death or accident, leading to total permanent disablement.
Many organizations make remarkable progress and profits because of the availability of the services of technical experts, as well as directors who possess in-depth working experience and unique skills. In the event of premature death or disability, the vacuum created as a result of the absence of these key persons’ unique services to the organization, is sometimes dire.
Any employer having such key persons in his/her employment should take the GLICO Key Man Protection Plan on the lives of the key executives, to reduce the negative impact when unfortunate circumstances occur.

How much compensation does the GKMPP offer?
The exact amount of insurance cover depends on the amount of loss the company is likely to sustain by the death of the key person, in addition to the cost the company may have to incur to find a suitable substitute, and the expenses to be incurred for training the new incumbent.

How would sum assured be determined under GKMPP?
In the absence of a determined sum assured by the insured, these two methods below can be used to determine the sum assured:
• Keyman’s Compensation Package: Under this method, the key persons annual remuneration [Annual salary + Bonus + Fringe Benefits] becomes the bases for the full benefits payable in the event of a claim.

• Gross Profit Method: Under this method, a two times the average gross profit of the company, over a three (3) year period, is taken as the maximum sum assured and benefits payable in the event of a claim. This option is available when all the key persons ( top executives) are to be covered.

What type of occurrence does GKMPP Covers?
GKMPP cover the following occurrences below:
• Death
• Total Permanent Disablement
• Critical (Terminal) Disease: Critical/Terminal illnesses are serious and life threatening diseases such as heart attack, cancer, stroke, Alzheimer's, Parkinson's, Coronary Heart Disease requiring surgery; Cancer; Coma; Paralysis; Kidney Failure; Major Burns; Blindness among others.

Note that GKMPP does not provide insurance cover for accidents

Who is eligible for a GKMPP?
Any senior executive within a company, with unique skill sets, that is contributing immensely to the success of the company is eligible for GKMPP.

A Key Man, however, should not have beneficial interest exceeding 25% of the shares of the company and that of his/her family's interest should not be more than 50% of the capital of the company.

What are the minimum and maximum ages for Key Man insurance?

• The minimum age at which a key man (or woman) could be insured is eighteen (18) years.
• The maximum age at which any key man (or woman) could be insured is fifty-five (55) years, and
• The maximum age for maturity of a key man (or woman) is sixty (60) years)

How can I take a Key Man policy for my top employees?

Kindly send us an email @ and we will contact you for further discussions. Alternatively contact us on 020 2222 113 or 050 1411 660, thank you.



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