What is Key Man/Key Person Insurance?

Key man/Key Person Insurance can safeguard your business against the potential financial loss caused by a serious or critical illness, terminal illness where you have 12 months or less to live, or death of one of the businesses key people.

Key man/Key Person cover is typically taken out with serious or critical illness but can be just life insurance, which pays out on death, and comes with terminal illness at no extra cost. Business serious/Critical illness is more expensive than life on its own as you are much more likely to contract a specified business illness than die in your working life.

If you contracted one of these specified illnesses in the term of your policy, a pre-determined lump sum will be paid into your business. (We can help you decide the levels and terms for you and your business needs as part of our free service.)

As you can see, we will search the Business protection products based on an analysis of a number of insurers for you. You can be covered for at least 40 critical illnesses, such as, but not only; Some forms of Cancer, Heart attacks, Strokes, Multiple Sclerosis etc. Some insurers cover many more illnesses so the best priced isn’t always the most suitable for your company.

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Who is my Key man/Key Person?

A ‘Key man/key person’ is an employee whose death or continued absence would affect the profits and the running of the business.

The loss of you, an integral employee or other director may result in:

  • reduced sales,
  • a loss of profits/turnover
  • wasted time
  • recruitment costs
  • the disruption of development plans and increased workloads for the remaining staff.

Keyman Insurance is a life insurance policy, which can have critical illness added. It is written on the life of a key business employee, but it is owned by the business. If something should happen to that person, the policy is paid out directly to the business. Typically, the lump sum payment is used to either replace the person affected or replace the revenue they would have bought in, but it can be used however you see fit. For this reason, the business pays the premiums and owns the policy.

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Frequently Asked Questions

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