Key Person Insurance: Business Life Insurance for Your Key People
How does key person life insurance work?
Once you fill up the form we get our financial adviser (who’s authorised & regulated by the FCA) to call you to discuss your best possible options.
Key Features
Tax-free lump sum if you die, become critically or terminally ill
It’s usually a short-term policy that lasts between 5 to 10 years
Whole-of-market access allows the advisers on our panel to compare suitable policies and recommend cover based on your individual needs, circumstances and budget.
Premiums remain the same throughout the term
You can stop the policy at any time as there is no contract
Lump sum goes to the business
Tax relief on premiums
Why do I need a key person insurance?
- You’re the key person in that business or the business depends upon one (or more) key person without whom the business can’t continue to be.
- You don’t have enough capital to ensure the smooth running of your business in the sudden absence of its key person.
- You don’t want to jeopardize the future of your business.
- An employee’s loss can cause a financial strain to your business.
What is a key person in insurance?
Key person or key man insurance is life insurance on key or important employees (usually the founder or owners) of a company without whom the business may no longer survive. It’s meant to protect a business by paying out a lump sum to it if the covered person who is crucial to that company’s survivability becomes critically ill or dies.