What would you do if a Key Person in your business was to die or suffer a critical illness? Has your Key Person insurance cover been reviewed in the last 12 months?
If not, get a Key Person Insurance quote within 24 hours
What is Key Person Protection? Key Person Protection (also known as key man insurance) is a business insuring itself against the financial loss it would suffer if a key person in your business should die or suffer a critical illness, during the length of the policy. It could also pays out if the key person is terminally ill and meets the plans criteria, except in the last 12 months of the policy.
How does Key Person Protection Work? Key Person Protection 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 Protection? The loss of a key person in your business could have a severe impact with sales and profits falling and increased workloads for the remaining staff. Ultimately as with all insurance, it offers an element of peace of mind for you and your business.
Key Person Protection is designed to pay out a lump sum on the death of the insured key person, during the length of the policy. It could significantly help the business to recover with the proceeds being used to help replace lost profit or finding and hiring a replacement.
What to think about... When looking at Key Person Insurance it's important to think about the following so feel free to contact us to discuss further: 1. Who you want to cover 2. How much you need to cover 3. How long you want the cover to last 4. Tax Implications 5. If Life Cover and Critical Illness cover would be suitable to actually protect your family
Quotes will be produced for information purposes only and a recommendation will only be given in writing after a telephone conversation has taken place and an adviser fully understands your needs and objectives.
Key Person Insurance Plans can pay out a lump sum if the Key Person was to die during the term of the policy.
They can also pay out if the Key Person is diagnosed with a terminal illness that meets the policy definition at any time during the policy term and are not expected to live for more than 12 months.
Policies only pay out once. After a successful claim for death or terminal illness the policy will end.
Policies do not normally have a cash-in value at anytime.
If you stop paying your premiums then your cover will end.
The amount of cover can increase or decrease over the policy term. It’s up to you to choose which type of cover you’d like, increasing or decreasing. This will be explained by one of our Advisers.