Key Person Insurance
If a key person in a business dies, it can have a serious negative financial impact on the business. You can help safeguard your business against the death, terminal or critical illness of a key person by a Key Person Insurance Policy, also known as Key Person Protection.
What is Key Person Insurance?
Key Person Insurance/Protection is a business insuring itself against the financial loss it would suffer if a key person in their business died or was diagnosed with a specified critical illness if chosen, during the length of the policy. It could also pay out if the key person is terminally ill.
How does Key Person Insurance Work?
Key Person Insurance is a life assurance or life assurance and critical illness cover policy taken out to cover the life of a key person within your business. The policy is owned and paid for by the employer, so any pay-out is payable to the employer.
Why do I need Key Person Insurance?
The loss of a key person in your business could have a severe impact. The business could suffer badly, with sales and profits falling and increased workloads for the remaining staff. Key Person Insurance is designed to pay out a lump sum on the death of the insured key person, during the length of the policy. It is paid as a lump sum and could significantly help the business to recover. The proceeds can be used to help replace lost profit or finding and hiring a replacement.
Our consultants can talk to you in detail about all aspects of Key Person Insurance.
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