Key Man Protection

What is Key Man Protection and have you thought about what would happen if your business lost a key person through illness, injury or death?

You’ll find that the success of almost all small and medium-sized businesses is dependent on a few key individuals who make a significant contribution to the running and profitability of the business.

Key Man Insurance doesn’t replace the loss of a key person, but it can help to ease the financial burden of losing that person and potentially help fund the transition period from losing the Key Man to finding their replacement.

Making the Correct Decision

Should you lose a key person it will likely result in a reduction in sales or a slowdown in growth/productivity.
With Key Man Insurance the business will receive a financial pay out that can help protect your business and everything running smoothly.  It is possible to insure any of your key members of staff and they don’t necessarily have to be shareholders.

We have access to the whole of the protection market and can recommend a tailored solution to every business need.

Advantages of Key Man Insurance:

There are various options to choose from with Key Man Insurance.  You could opt for life assurance only, critical illness or a combination of both.  It is possible to select different levels of cover and terms depending on the businesses requirements.  There are also policies available that pay out a regular income in the event of sickness.

The table below summarises the types of cover available.

Type of cover

What it provides

Life Cover

A lump sum payment on death or terminal illness.

Critical Illness Cover

A lump sum payment if the key person becomes critically ill as defined by the policy definitions

Life & Critical Illness Cover

A lump sum on death, terminal illness or critical illness.

Key Person Sickness Cover

A regular income during the sickness or injury of the person insured.

Choosing Level of Cover

The cost of Key Man Life Insurance varies depending on many factors such as the age of the key person, their medical history, the sum assured and the term of the policy.

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