What is Key Person Insurance?
Key Person Insurance, also known as Key Man/Key Woman Insurance, is a specialist form of Life Insurance designed to protect businesses in case someone crucial (key person) to the ongoing operations of the company, for example; the owner, director or executive, dies suddenly.
This type of protection is taken out on a business basis rather than by individuals. It can also be taken out alongside Critical Illness Cover, this means it will also pay out should the key person become unable to work due to a critical or terminal illness.
Who is a key person?
A key person could be anyone who is crucial to the day-to-day running of your business, a few examples of this could be:
- Director
- Executive
- Owner
- Employee
- Anyone whose skill, knowledge and experience affects the revenue.
When should you take out key person insurance?
Every business is different, but Key Person Insurance can provide a safety net for your business. There is no right or wrong time to take out this type of insurance. If your business relies on the input of a small group of people, the loss of any one of them could be crucial and have a big impact on your sales and performance.
Making sure you have Key Person Insurance in place is a way to of protecting your company and your team should an important individual pass away or become critically ill by providing financial support when you need it most.
Please note:
This service is currently arranged by introduction only.
