Key Man Insurance
What is Keyman Insurance?
Who is a key person in your business? Firstly you need to identify who a 'key' employee is in your business.
Do you have someone who has all your business technical expertise? Or maybe they are your in house accountant or book keeper? Are they the major player in your sales team? Do not forget to consider yourself in this plan?!
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 die or suffer a critical illness? Reduced sales? Loss of turnover? Cannot fulfill your orders? Difficulty in recruiting and/or training a replacement?
Keyman Protection is The Answer
A Keyperson is insured for life or critical illness. In the event of a claim, the proceeds are paid directly to the company. We can also offer Keyman Income Protection (Keyman permanent health insurance). This money could be used in several ways, for example:
- recruiting or training a replacement,
- to repay a business loan,
- compensation for lost sales.
You might perceive this insurance to be expensive?
For example: A healthy 40 year old (non-smoker) person insured for 10 years for £100,000 could cost as little as £7.97 per month for life insurance or £32.98 per month for life and critical illness cover (quotes accurate on 18 /03/2014).
Not sure how much cover you need?
Our advisers can help with a simple formula but you need to think about what you would need the money for: Recruitment? Training? 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.
What next?
Complete our enquiry form and one of our experienced and friendly advisers will contact you to discuss your requirements and offer you a no obligation competitive quote.
Or telephone us now, during office hours, on 0800 458 3525.