Key Person Protection
Think about a removals business where just one person is qualified to drive a particular vehicle. If that person dies or is diagnosed with a critical illness and there's no business protection in place... what happens next? How many customers would be let down? Who would pay for a replacement driver? Could the business carry on?
Key Person Protection injects cash into a business if a Key Person dies or is diagnosed with a critical illness (where that option is chosen). Where this option is chosen the policy will insure the life of that Key Person meaning if anything happens to them the business will be protected against any financial implications.
The premium is guaranteed unless you choose to include reviewable Critical Illness, in which case premiums are regularly reviewed. The maximum amount of cover for critical illness is £2 million on any individual key person, including cover with another company. There is no cash in value at any time.
Here are some of the features of our Term Assurance plan which can be used for Key Person Protection.
- Clients can choose the level of life cover and plan term they want, subject to Underwriting.
- Critical Illness option.
- Protection against loss of profits, contracts, meeting loan repayments or key skills.
- Cover available for Private Limited Companies, Limited Liability Partnerships, Partnerships and Sole Traders.
- Instant Decision Online (IDO) application system.
- Online ‘virtual underwriter’ enables you to get immediate completion of a case.
- Conversion and Renewal options available.
For further information please see our Key features document
Charges
There are no additional charges for clients to pay. All charges for our Term Assurance plan are included within a client’s premiums.
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- Quote/ Illustrations online
Apply online
Prospecting Letters
Specimen Agreements
Case studies
Key Person Protection, Share Protection or Business Loan Protection? View our Client Guide for case studies showing how different protection solutions suit different clients and how they make their decisions.
Contact us
We have a wide range of support staff available to help you, click here to find the right number that meets your needs.