Key Person Insurance
Who is a key person in your business?
Firstly you need to identify who a 'key' employee is in your business. Is there someone in your business who would be difficult to replace at short notice?
Is there someone else who can do their job? It might be someone who does all the technical work, your biggest sales person or it might even be yourself. There may be only one key person but quite often there will be three or four, even in a medium sized business.
What would happen if they were to die or to suffer a critical illness?
Reduced sales? Loss of turnover? Can't get all your orders out? Difficulty in recruiting and/or training a replacement? Keyman Protection - could help provide you with a cash sum payout to help you find the specialist replacement staff you need for your business. A Keyperson can have a life and/or critical illness policy. In the event of a claim, the proceeds are paid directly to the company. Keyman Income Protection (Keyman permanent health insurance) is also available to provide a monthly income if your keyperson is on long term sick. This money could be used in several ways, for example:- recruiting or training a replacement- to repay a business loan- compensation for lost sales.
How affordable is life insurance?
For example: A 40 year old (non-smoker) male insured for 10 years for £100,000 would cost as little as £9.98 per month for life insurance or £38.30 per month for life and critical illness cover.
How much cover might you need?
Our advisers can help with a simple formula but it is helpful if you know what the money would be needed for such as, recruitment, training or lost sales?
Who takes out the policy?
The company takes out the policy on the life of the key person and the company, therefore, owns the policy.
Complete our enquiry form and one of our qualified and experienced advisers will contact you by phone or email.
Contact us for a FREE initial consultation...
Phone 01598 753777 or make an enquiry